Question

Stuart signs a contract that allows him to rent a snowplow from Homer's Plow Company. The contract stipulates that he has to pay $50 per week. Winter ends sooner than expected, so Stuart wants to return the plow ahead of the due date in order to avoid paying unnecessary rent. Homer's Plow Company agrees to let Stuart return the plow as long as he signs a contract that requires him to rent the plow again next year. This is an example of a(n) ________. Group of answer choices release rescission novation waiver arbitration

Answer 1

This is an example of  release. Group of answer choices release rescission novation waiver arbitration.

• A waiver happens when a party purposefully renounces their ability to enforce a contract.
• A release is created when one party declares the other side is not required to fulfill its obligations.
• Damages are amounts given as compensation for costs directly suffered as a result of a contract breach, such as costs incurred from another source.
• The fundamental components necessary for the agreement to be a valid offer and acceptance, adequate consideration, capacity, and legality are: mutual assent, expressed through a contract-compliant offer.

What are the laws of contract?

• The area of law that deals with creating and upholding contracts is known as contract law.
• An agreement that can be upheld by a court is referred to be a contract.
• The body of legislation known as contract law regulates the formation of contracts, their performance, and the creation of just reparations in the event of a breach.

Learn more about laws of contract

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