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Phoenix [80]
2 years ago
7

Instead of canceling their contract, William, Laverne, and Laverne's mother, Irma, form another contract in which they all agree

that William will paint Irma's home instead of Laverne's. This new agreement is known as:
a. a breach of contract.
b. substantial performance.
c. a reformation.
d. a novation.

As I understand, it's one of the last two. Probably a novation,
Business
2 answers:
polet [3.4K]2 years ago
6 0

Answer:

yes it is novation

Explanation:

Veronika [31]2 years ago
6 0

Answer:

"D"

Explanation:

Novation is a term used in contract to describe a situation where the contractual rights and obligations of one party is transferred to the other party with the agreement of all parties involved.

It signifies the end of the initial contract and the commencement of a new one. It is either in writing or substantiated by the acts and conducts of the party.

It may come in different types as listed

  • No new person or parties involved
  • Requiring the intervention of a new party for the debtor
  • A new person taking over .

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Answer:

C $ 596.39

total payment          7,156.68

Interest expense     2,156.68

Explanation:

6,000  -  1,000 = 5,000 amount to finance

We will calcualte the cuota of an annuity of 6 years with semianual payment at 12% annual rate.

PV \div \frac{1-(1+r)^{-time} }{rate} = C\\

PV  $5,000.00

time   12 (6 years times 2 payment per year)

rate            0.06 (12% annual we divide by 2 to get semiannual)

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The total amount paid will be the cuota times the time of the loan:

Total amount paid

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The interest will be the difference between the total amount paid and the principal of the loan

Interest paid

total payment          7,156.68

principal                 (5,000)

Interest expense     2,156.68

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