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Vicarious Performance
Vicarious performance refers to situations where a third party performs contractual duties on behalf of one of the original parties involved in the contract.
Novation
The act of replacing one obligation with another by mutual agreement between all parties involved, essentially creating a new contract while cancelling the old one.
Right of Recovery
The legal ability to reclaim goods or compensation under the terms of an agreement or through legal proceedings.
Trustee
A person licensed to receive and dispose of the assets of a bankrupt, then distribute the proceeds to the creditors.
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