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Other Contract Discharge Options: Rescission, Novation & Accord

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Billy and Marvin entered into a contract for the sale of Marvin's car. Billy signed on the dotted line and drove away. Marvin's mother called Billy the very next day to demand the return of the vehicle. She stated that Marvin was only 16 years old and had no legal right to sell the car. What type of discharge will occur?

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1. Marcia bought a new sportscar. Her monthly payments are $550 per month. When Marcia signed the contract, she had a good job and was able to make her payments. A few months later, she was terminated and could no longer satisfy the car loan. She talked to her sister, Patricia, who agreed to assume the payments. Both ladies went to the car dealer to change the terms. What type of discharge occurred?

2. Blanche agreed to purchase Cramer's condo for $150,000. This seemed like a fair deal until Blanche found out that the city had plans of building an air strip in the vacant lot across the street. She also noticed that property values were decreasing in numbers. She and Cramer decided to change the price of the condo to $99,000. What type of discharge occurred?

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About This Quiz & Worksheet

Examining how to change a contract, this quiz and corresponding worksheet will help you gauge your knowledge of rescission, novation and accord as contract discharge options. Topics you'll need to know to pass the quiz include understanding how to identify examples of rescission as well as knowing what novation might look like.

Quiz & Worksheet Goals

Use this printable worksheet and quiz to review:

  • Finding rescission, novation, or accord in given problems
  • How a contract can be discharged

Skills Practiced

This worksheet and quiz will let you practice the following skills:

  • Interpreting information - verify you can read information regarding how a contract can be discharged and interpret it correctly
  • Knowledge application - use your knowledge to answer questions about the characteristics of novation
  • Problem solving - use acquired knowledge to solve rescission, novation, and accord problems

Additional Learning

To learn more about the options when someone wants to get out, review the corresponding lesson on Other Contract Discharge Options: Rescission, Novation & Accord. This lesson will help you:

  • Understand what a contract is
  • Explain how a contract can be legally binding
  • Identify the main ways a contract can be dissolved
  • Describe the characteristics of each option
  • Appreciate how someone could take over a contract for another
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