Junior owes creditor lba $1,000, which is due and payable on June 1. Junior has

Question

Junior owes creditor lba $1,000, which is due and payable on June 1. Junior has been in a car accident, has missed a great deal of work, and consequently will not have the money on June 1. Junior's father, Fred, agrees to pay lba $1,000 for Junior. Is the transaction a novation or a delegation? Select one: O a. A delegation, because Fred is now to perform the contract and Junior has not been discharged. b. A novation, because Junior and Fred agreed that Fred would perform the contract. c. A delegation, because Junior is no longer liable to lba on the contract. d. A novation, because Iba agreed to look only to Fred for payment and to discharge Junior. e. A and C only

Explanation / Answer

Answer = (D) A novation, because Iba agreed to look only to Fred for payment and to discharge Junior

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