Omar and Penn want to discharge their contract by executing a new agreement with performance different from what they originally promised. They can best accomplish this by
a. a mutual agreement to rescind.
b. an accord and satisfaction.
c. a novation.
d. an alteration of the original contract.
B
You might also like to view...
Which of the following characteristics apply to collateralized mortgage obligations?
I. All bondholders receive a pro-rata share of all interest payments. II. CMOs are derivative securities created from mortgage-backed bonds. III. All principal payments are paid to the shortest remaining tranche. IV. CMOs have definite maturity dates for each tranche. A) I and II only B) I and III only C) I, II and III only D) II, III and IV only
Technology has brought changes in the way legal work is prepared and produced today
Indicate whether the statement is true or false.
In the ________ process, goods are produced based on forecasts and are stored in a warehouse, and sales orders are then fulfilled from inventory
A) configure-to-stock B) make-to-stock C) make-to-order D) engineer-to-order E) assemble-to-order
Which of the following is an example of pure risk?
A) Clayton purchased $200,000 worth of flood insurance for his fencing club that is located on the banks of a river. B) Rory went to a vanity publisher and paid for 5,000 copies of her novel to be printed. The books are in her garage, and now she has to sell them. C) Audrey rented a small storefront, bought thousands of dollars worth of baking equipment and supplies, and started making cupcakes from her mother's recipes. She is hoping the customers will find her. D) Linus spent $10 on Power Ball lottery tickets. E) Liam spent his savings to open a cat hospital in his urban community.