Examlex
Which of the following is NOT assumed to be constant when determining the exchange rate between Canadian dollars and Swiss francs?
Novation
In a contract, the substitution of a third party for one of the original parties; the duties remain the same under the contract, but one original party is discharged and the third party takes that original party’s place.
Substituted Contract
An agreement between the contracting parties to replace an existing contract with a new one, possibly altering terms or obligations.
Punitive Damages
Financial compensation awarded in a lawsuit intended to punish the defendant for especially harmful behavior and deter future misconduct.
Liquidated Damages
A predetermined sum of money agreed upon by the parties in a contract to be paid as compensation if one party breaches the contract.
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