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Accord And Satisfaction
A legal contract wherein parties agree to settle a dispute by accepting terms that differ from the original obligation.
Novation
The act of replacing an existing obligation with a new one, thereby extinguishing the original obligation.
Substituted Contract
This is a legal agreement replacing an earlier contract, agreed upon by all parties involved, and discharging the original contractual obligations.
Obligee
The party in a contract or agreement who is entitled to receive a performance or benefit from the obligor.
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