If a new contract is substituted in place of an existing contract between the same is called*AlterationRecessionNovationWaiver

e) A third party may be substituted for one of the original contracting parties through the process of novation.

Which is the closest synonym for the word transform?A.DisputeB.ModifyC.AcknowledgeD.Maintain

Which is the correct meaning of rescinding a contract?Group of answer choicesTerminating a contract and exclusion clauses live on for one yearTerminating a contract and exclusion clauses live on for two yearsBreaching the termscanceling a contract and treating it as though it never existed

Which of the following statements BEST identifies the meaning ofthe term, “rescission of a contract”?1. A ratification of a contract by all parties.2. A return of all parties to their condition before the contractwas executed.3. A transfer or assignment of a particular responsibility fromone of the parties to another.4. A review of the contract by the legal counsel of either partythat may result in a cancellation without penalty or furtherobligation.

____ can modify specific fields of an existing document or documents or replace an existing document entirely, depending on the update parameter.(1 Point)modify()find()update()None of the above