17. Gliding Light, LLC, and Hang Gliders, Inc., are parties to a contract. They

Question

17. Gliding Light, LLC, and Hang Gliders, Inc., are parties to a contract. They subsequently agree that High Riders Inc. should take Gliding Light's place and assume all of its rights and duties under the contract. This is: a. A mutual agreement to rescind. b. An accord and satisfaction c. A novation. d. A settlement agreement. 18. Omar and Penn want to discharge their contract by executing a new agreement with performance by Penn to be different from what was originally promised. This can best be accomplished by: a. A mutual agreement to rescind. b. An accord and satisfaction c. A novation 19. Nina contracts with Office Suites Corporation to buy a suite in its Prospect Point Tower at a premium because of its undisturbed view of Quay Harbor. Unforeseeably, the town of Quay Harbor changes the zoning law, and Resort Hotels, Inc, constructs Seaview Resort, blocking what would have been Nina's view. Nina's best argument for a change in the Office Suites contract or its price is: a. Frustration of purpose. b. Objective impossibility of performance. c. Anticipatory repudiation. d. Commercial impracticability.

Explanation / Answer

17. a. A mutual agreement to rescind

In this case the agreement is generally mutual as the organizations are in a contract and they have collectively agreed on the same.

18. C. A novation

Novation can be defined as an act based on which an obligation is replaced by another obligation in case of improvement or betterment of the contract and even if the situation gets worse.

19. c. Anticipatory repudiation

In this case as the Office Suites Corporation has not been able to live up to the promises made in the contract, Nina has the right to negotiate the terms and conditions as well.

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