Gliding Light, LLC, and Hang Gliders, Inc

question 14

Multiple Choice

Gliding Light, LLC, and Hang Gliders, Inc., are parties to a contract. They subsequently agree that High Riders Inc. should take Gliding Light's place and assume all of its rights and duties under the contract. This is​

• A) ​a mutual agreement to rescind.
• B) ​an accord and satisfaction.
• C) ​a novation.
• D) ​a settlement agreement.

---

Definitions:

Customers

Individuals or organizations that purchase goods or services from a business or seller.

Top Managers

The highest echelon of leaders within an organization, responsible for strategic decision-making and overall direction of the company.

Executive Team

A group of high-ranking officers within a company, responsible for strategic decision-making and management.

Controlling

The management function focused on monitoring performance, comparing it with goals, and taking corrective action as needed.