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A novation in Vermont real estate:

Correct Answer

B) Substitutes a new party and releases the original party

A novation substitutes a new party and completely releases the original party from all obligations. It requires consent of all parties and creates a new contractual relationship.

Answer Options
A
Transfers rights only
B
Substitutes a new party and releases the original party
C
Is the same as an assignment
D
Requires court order

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Related Topics & Key Terms

Related Topics:

assignmentreleaseparty-substitution

Key Terms:

novationsubstitutionreleaseall consent
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