Question

In order for a novation to be valid, what has to happen?




A.All three parties must agree to the novation.


B.The contract must be rewritten and new terms must be substituted.


C.The parties must amend the agreement to add new consideration.


D. There must be a concurrent accord and satisfaction.


E.The parties to the agreement must substitute a different date for completion of the contract.

Answer 1

Answer:

A I think.

Explanation:

Answer 2

To get the validity of a novation it is important to the consent of all the three parties involved. Thus the correct answer is A.

What do you mean by Novation?

Novation refers to the process of replacing an original contract with a new one after the contracting parties have reached an agreement. The original contracting party is replaced by a new party that acquires the original party's rights and obligations.

It mainly includes three parties involved in the agreement are known as transferee, the transferor, and the counterparty. The three parties' consent for agreement is important for a novation to be valid.

Therefore, option A consent of all parties is appropriate.

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