Which of the Following Occurs When the Parties to the Agreement

question 10

Multiple Choice

Which of the following occurs when the parties to the agreement wish to replace one of the parties with a third party?

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

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Definitions:

Efficient Outcome

An economic situation in which all resources are allocated in the most beneficial way, leaving no room for further improvement without making someone worse off.

Economic Policies

Measures taken by a government to influence its economy, including monetary, fiscal, and supply-side policies.

President Hoover

President Hoover refers to Herbert Hoover, the 31st President of the United States, who served from 1929 to 1933, and is often remembered for his administration's response to the early years of the Great Depression.

Tax Rate

The percentage at which an individual or business's income or transactions are taxed by the government, affecting net income and investment decisions.