Examlex
A good high school has all of the following EXCEPT
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.
Obligor
An individual or entity legally obliged to provide a payment or service to another party under the terms of a contract.
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