Which of the Following Occurs When,instead of Canceling a Contract,the

question 49

Multiple Choice

Which of the following occurs when,instead of canceling a contract,the parties substitute a new agreement in place of the original?

• A) Accord and satisfaction
• B) Novation
• C) Substituted contract
• D) Mutual rescission
• E) Alteration

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Definitions:

Bourgeoisie

Historically, the social class that emerged in the Middle Ages, primarily composed of town merchants, artisans, and professionals, often associated with wealth and materialistic values.

Traditional Classes

The societal categories into which people are divided in a hierarchical order, often based on their occupation, birth, or wealth, traditional in many societies.

Third Estate

The common people of France prior to the French Revolution, as opposed to the clergy (First Estate) and the nobility (Second Estate).

Natural Resources

Natural resources are raw materials and components found in nature, such as minerals, forests, water, and fertile land, that can be utilized for economic gain and societal development.