Contracts
What is novation in the context of Nevada real estate contracts?
AAdding a new contingency to an existing contract
BSubstituting a new contract or new party in place of an old one, releasing the original party from obligations✓ Correct
CCorrecting errors in a contract after signing
DA buyer's right to cancel during the inspection period
Explanation
Novation substitutes a new obligation or party for an old one, with the consent of all parties. The original party is released from liability.
Related Nevada Contracts Questions
- What is the Statute of Frauds requirement for real estate contracts in Nevada?
- What is a 'lease agreement' in Nevada for residential property and what NRS chapter governs it?
- A Nevada buyer signs an offer to purchase and the seller signs an acceptance. Before the buyer is notified of the acceptance, the buyer calls to revoke the offer. The result is:
- What is 'consideration' in a Nevada real estate contract and is it always money?
- What is the legal effect of a unilateral contract in Nevada real estate?
- What is 'rescission' of a contract and when might it be available in Nevada real estate?
- In Nevada, what is the legal significance of 'time is of the essence' language in a purchase agreement?
- What is the difference between a 'void' and 'voidable' contract in Nevada real estate?
Practice More Nevada Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Nevada Quiz →