A(n) ________ occurs when parties,by mutual agreement,discharge a valid existing obligation by the substitution of a new valid obligation on the part of the debtor or another.

A) adoption
B) novation
C) ratification
D) automatic novation

Question

Dylan Haydt · Accepted Answer

Final Answer : B, Explanation :  A novation is a mutual agreement,between all parties concerned,for the discharge of a valid existing obligation by the substitution of a new valid obligation on the part of the debtor or another,or a like agreement for the discharge of a debtor to his or her creditor by the substitution of a new creditor.

A(n) ________ occurs when parties,by mutual agreement,discharge a valid existing obligation by the substitution of a new valid obligation on the part of the debtor or another.

A) adoption
B) novation
C) ratification
D) automatic novation

Definitions

Learning Objectives

Learning Objectives

Related questions

A(n) ________ occurs when parties,by mutual agreement,discharge a valid existing obligation by the substitution of a new valid obligation on the part of the debtor or another.A) adoptionB) novationC) ratificationD) automatic novation

Definitions

Learning Objectives

Learning Objectives

Related questions

A(n) ________ occurs when parties,by mutual agreement,discharge a valid existing obligation by the substitution of a new valid obligation on the part of the debtor or another.

A) adoption
B) novation
C) ratification
D) automatic novation