When One of the Parties to an Agreement Wants to Substitute

question 47

Multiple Choice

When one of the parties to an agreement wants to substitute a different performance for his original duty under the contract,he is seeking a(n) ________.

• A)accord and satisfaction
• B)novation
• C)substituted contract
• D)mutual rescission
• E)addendum

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Definitions:

Flood

A flood is an overflow of water that submerges land that is usually dry, often caused by heavy rain, melting snow, or dam failure, leading to potential damage and loss.

Von Neumann-Morgenstern

A theory of expected utility, which provides a method for making decisions based on the expected outcomes of various choices.

Expected Value

A statistical concept that calculates the average outcome when the future includes scenarios that may or may not happen.

Natural Logarithm

A mathematical function denoted as ln(x), representing the time needed to reach a certain level of growth at a constant growth rate of 100%.