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Novation in Contract Law Quiz

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Questions and Answers

What is the dual function of novation?

Extinguish or modify an existing obligation, and substitute a new one in its place (correct)

Substitute the person of the debtor and change the object of the obligation

Operate as an absolute extinction of an obligation and modify the first

Create a new obligation and completely extinguish the existing one

What does novation involve?

Substituting the person of the debtor

Subrogating a third person in the rights of the creditor

Changing the object or principal conditions of an obligation

All of the above (correct)

How is novation defined?

The substitution or change of an obligation by another (correct)

The absolute extinction of an obligation

The partial extinction of an obligation

The creation of a new obligation without modifying the existing one

What is the effect of novation on the existing obligation?

<p>It only modifies the existing obligation</p> Signup and view all the answers

In what ways can obligations be modified through novation?

<p>Changing their object or principal conditions, substituting the person of the debtor, and subrogating a third person in the rights of the creditor</p> Signup and view all the answers

Study Notes

Novation: Definition and Effects

Novation is a contract modification process that involves the substitution of a new contract for an existing one, either partially or entirely.
Novation has a dual function: it extinguishes the original obligation and creates a new one, with the same or different parties, rights, and obligations.

Definition of Novation

Novation is defined as the process of replacing an existing contract with a new one, which may involve changes to the parties, terms, or obligations.

Effect of Novation on Existing Obligation

Novation has the effect of discharging or extinguishing the existing obligation, and a new obligation arises from the new contract.

Modification of Obligations through Novation

Obligations can be modified through novation in several ways, including:
- Changing the parties involved
- Altering the terms and conditions
- Replacing the original obligation with a new one
- Modifying the rights and obligations of the parties

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Description

Test your knowledge of novation in contract law with this quiz. Explore the concept of novation, its meaning, and the ways in which obligations can be modified.