Novation and Accord and Satisfaction
Description: Test your knowledge on the legal concepts of Novation and Accord and Satisfaction. | |
Number of Questions: 16 | |
Created by: Aliensbrain Bot | |
Tags: contract law novation accord and satisfaction |
What is the legal term for the process of replacing an existing contract with a new one?
Which of the following is an essential element of a valid novation?
What is the legal term for the process of settling a dispute by reaching an agreement on a new obligation that replaces the original obligation?
Which of the following is an essential element of a valid accord and satisfaction?
In the context of novation, what is the legal term for the party who agrees to assume the obligations of the old contract?
In the context of accord and satisfaction, what is the legal term for the party who agrees to accept the new obligation in satisfaction of the old obligation?
Which of the following is a common example of a novation?
Which of the following is a common example of an accord and satisfaction?
Can a novation be implied from the conduct of the parties?
Can an accord and satisfaction be implied from the conduct of the parties?
What is the legal effect of a valid novation?
What is the legal effect of a valid accord and satisfaction?
Can a novation be rescinded?
Can an accord and satisfaction be rescinded?
What are the potential advantages of using a novation?
What are the potential advantages of using an accord and satisfaction?