The Release of One Party to a Contract and the Substitution

question 42

Multiple Choice

The release of one party to a contract and the substitution of another party for the released party is called:

• A)A substitution by law.
• B)A summation.
• C)A novation.
• D)An adjudication.
• E)An accord and satisfaction.

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Definitions:

Small Business

A privately owned and operated business, usually characterized by small number of employees and modest revenue.

Larger Business

A larger business is an expansive and typically more established enterprise, often characterized by a vast array of resources, a diverse product or service line, and a considerable employee base.

Competitive Advantage

An attribute or ability that allows an organization to outperform its competitors, often leading to greater sales or margins.

Inertia

A tendency to do nothing or remain unchanged, often leading to stagnation.