Which of the following is not a means by which parties to a contract may agree to discharge each other from their obligations?Multiple choice question.Mutual remunerationNovationSubstituted contractAccord and satisfaction
Question
Which of the following is not a means by which parties to a contract may agree to discharge each other from their obligations?Multiple choice question.Mutual remunerationNovationSubstituted contractAccord and satisfaction
Solution
The correct answer is "Mutual remuneration". This is not a means by which parties to a contract may agree to discharge each other from their obligations.
Here's why:
-
Novation: This is a process where all parties agree to replace the current contract with a new one. This discharges the obligations under the old contract.
-
Substituted contract: This is similar to novation. It involves replacing the old contract with a new one, thereby discharging the obligations under the old contract.
-
Accord and satisfaction: This is a method of discharging a contract where the parties agree to change the terms of the contract. The 'accord' is the agreement to the new terms, and the 'satisfaction' is the execution of the agreement.
-
Mutual remuneration: This is not a method of discharging a contract. It refers to the compensation that is given to each party in a contract, but it does not discharge the parties from their obligations.
Similar Questions
Which of the following is a way a party’s contractual obligations can be discharged?Multiple ChoiceOne party has changed their mind about the contractThe failure of a condition to occurPersonality conflicts among the partiesDisagreement between the partiesUnhappiness with the contract terms
Which of the following statements about bilateral and unilateral contracts is not correct?Group of answer choicesA unilateral contract does not require consideration (which means exchange of obligations) but simply a promise to perform an act is sufficientMore than one party is required for both bilateral and unilateral contractsBoth parties are obligated to perform their promises in a bilateral contractOnly one of the parties is obligated to perform an action in a unilateral contract
Which of the following is not a commonly recognized way by which a party's contractual obligations can be terminated?Multiple choice question.A material breach by one of the parties to the contractOperation of lawA material breach by both of the parties to the contractA labor cost increase
Discharge by Blank______ refers to parties discharging their obligations by doing what they respectively agreed to do under the terms of the contract.Multiple choice question.persuasionperformancepenanceperpetuity
Multiple Choice QuestionThe bond contract, also called the _____, specifies all of the terms of the agreement between the bondholders and the issuing organization.Multiple choice question.indenturefactorcollateralsecurity
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.