Asked by Alexis Shyanne on Jul 06, 2024
Verified
Which of the following statements about a novation is false?
A) A novation is a type of substitute contract.
B) Under a novation,the original obligor has no further obligation under the contract.
C) A novation only requires the obligee's consent to having the delegatee perform the duties.
D) Under a novation,the obligee has the right to look to the new obligor for fulfillment of the contract.
Novation
The act of replacing one obligation with another, which involves a new party or a new agreement and extinguishes the original contract.
Substitute Contract
A legal agreement that replaces a previously made contract, either rectifying it or substituting parties or terms in the contract.
Original Obligor
The individual or entity originally responsible for fulfilling the obligations of a contract or agreement.
- Discern and expound upon the roles and legalities of parties within distributed and delegated compacts.
Verified Answer
Learning Objectives
- Discern and expound upon the roles and legalities of parties within distributed and delegated compacts.
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