Kizspy | Question: 30
(Choose 1 answer)
What is the best definition of a novation?
A. A novation substitutes a new party for one of the original parties in an existing contract at the mutual
agreement of the original parties.
B. Novation is the conveyance of rights in a contract to a person, not a party.
C. The term novation describes a transfer of duties alone without a transfer of rights.
D. When a novation occurs, the original obligor is liable for the performance of the new contract.
