Ben and Andrew Are Parties to a Contract

question 32

Multiple Choice

Ben and Andrew are parties to a contract.They agree on a novation.The novation does not require

• A)the existence of a previous,valid obligation.
• B)agreement by all the parties to a new contract.
• C)performance of the original contract by all of the parties.
• D)a new,valid contract.

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Definitions:

Probability Distribution

Describes how the values of a random variable are distributed, showing the probabilities of different outcomes occurring.

Variance

A measure of the spread or dispersion of a set of values, calculated as the average of the squared deviations from the mean.

Random Variable

A variable that reflects numerical outcomes attributed to random occurrences.

Occurrences

The instances or number of times an event or condition appears or is observed.