Evaluate

question 106

Essay

Evaluate:

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Definitions:

Novation

Novation is the legal act of replacing an existing obligation with a new one, substituting a new party or obligation into an original contract.

Original Promisor

The individual or entity who initially makes a promise in a contractual agreement, especially in contexts involving subsequent assignments or transfers of obligations.

Original Promisee

The individual or entity to whom a promise or commitment is initially made in a contractual agreement.

Breach of Contract

A situation where one or more parties fail to fulfill the terms agreed upon in a contract.