Asked by sunil singh on Jun 28, 2024
Verified
A(n) __________ is a method of discharging a contract in which a third party becomes bound upon a promise to the obligee.
A) assignment
B) delegation
C) partial assignment
D) novation
Novation
The act of replacing an obligation to perform with a new obligation or replacing a party to an agreement with a new party.
Discharging Contract
Discharging a contract refers to the process by which parties are released from their obligations under the contract, for reasons such as fulfillment of the contract terms, mutual agreement, or impossibility of performance.
Third Party
An entity that is not directly involved in a transaction or agreement but may be affected by it or have an interest in it.
- Describe the effects of assignment and delegation on the rights and duties of the parties involved.
Verified Answer
Learning Objectives
- Describe the effects of assignment and delegation on the rights and duties of the parties involved.
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