Molly and Craig are the original parties to a contract. Craig is obligated to design a Website for Molly. They subsequently make an agreement with Eric that Eric should take the place of Craig and assume all of Craig's rights and duties under the contract. The agreement releases Craig from his obligations under the contract. This agreement is:
a. a novation.
b. an accord and satisfaction.
c. an assignment.
d. a nullification.
a
You might also like to view...
Products Green, Red, and White have unit contribution margins of $6.50, $12, and $10, respectively, and require 2, 4, and 3 direct labor hours per unit, respectively. If demand currently is far exceeding supply, on which product should the company concentrate its efforts?
A) Green B) Red C) White D) Either Green or Red
The object of ______ is to generate ideas rather than evaluate or analyze those ideas.
A. nominal group technique B. Delphi technique C. meetings D. brainstorming
Which of the following expenses for accounting purposes generates an indirect after-tax cash inflow for purposes of net present value computations?
A) Repairs expense B) Salaries expense C) Depreciation expense D) Tax expense
Which of the following is a financial derivative that derives value from specific insurable losses or from an index of values?
A) commodity futures contract B) corporate bond C) catastrophe bond D) insurance option