Question

Molly and Craig are the original parties to a contract. Craig is obligated to design a...

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 known as:

which one is correct?

a novation.

an accord and satisfaction.

an assignment.

a nullification.

Business   Economics   
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Answer #1

Option A.

  • A novation refers to an act in which one party is replaced in an agreement with an another party where the original parties rights and duties are transferred to the new replaced party as per the agreement between the original parties.
  • Here, in this example, Molly and Craig are the orginal parties participating in a contract for designing a website. When they come up with a decision to hand over Craig's duties and rights to Eric, Craig is released from his obligations as Eric acts as a new replaced obligation.
  • Hence this agreement is known as a novation.
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