Jane and Kelly Want Lucy to Replace Kelly as a Party

question 42

Multiple Choice

Jane and Kelly want Lucy to replace Kelly as a party to their con?tract. They can best accomplish this by

• A) accord and satisfaction.
• B) novation.
• C) reinvention.
• D) specific performance.

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Definitions:

Autarky

A situation where a country or economy is self-sufficient and does not engage in international trade or relies on imports.

Comparative Advantage

An economic principle that states a country or individual can produce a good or service at a lower opportunity cost than others.

Consumption Point

A specific point on a consumer’s budget constraint that shows the combination of different goods or services they will consume to maximize utility.

Wheat

A cereal grain considered a staple food in many parts of the world, used to make products like bread, pasta, and cereal, among others.