Describe Each of the Three Compliance Techniques, Explain Why Each

question 146

Essay

Describe each of the three compliance techniques, explain why each leads to compliance, and give an example of each.

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Definitions:

Novation

The act of replacing an existing obligation with a new one, thereby extinguishing the original contract and creating a new agreement.

Statutory Assignment

refers to the legal transfer of rights from one party to another, based on statutory laws rather than contractual agreement.

Equitable Assignment

The transfer of future rights to benefits in a contract to another party, recognized by equity courts.

Novation

The process of replacing an existing obligation with a new one, effectively transferring the rights and duties to another party.