Contracts
Novation in a contract context means:
AAdding new terms to an existing contract
BSubstituting a new contract or party for an old one, releasing the original party✓ Correct
CAssigning obligations to a third party without releasing the original party
DExtending the closing deadline
Explanation
Novation substitutes a new contract, obligation, or party for an existing one, completely releasing the original party from their obligations under the original contract.
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