Asked by LAVISH SHUKLA on May 09, 2024
Verified
A(n) ________ occurs when a party to a contract transfers her duty to perform to a third party that is not part of the original contract.
A) novation
B) assignment
C) delegation
D) substantial performance
E) agency
Novation
The act of replacing one party or obligation in a contract with another, requiring the agreement of all parties involved.
Assignment
The transfer of rights, property, or obligations from one party to another, a common practice in contracts and financial transactions.
Delegation
The process of assigning responsibility and authority to another person to carry out specific activities.
- Attain insight into the procedures and obligations for the delegation and assignment of contractual responsibilities and rights.
Verified Answer
TB
Tania BarbosaMay 15, 2024
Final Answer :
C
Explanation :
A delegation occurs when a party to a contract transfers her duty to perform to a third party that is not part of the original contract.Whereas assignments transfer rights to a contract,delegations transfer duties.
Learning Objectives
- Attain insight into the procedures and obligations for the delegation and assignment of contractual responsibilities and rights.