Contracts
A 'novation' in a NC real estate contract replaces:
AAn expired listing with a new listing at the same terms
BA party to the contract with a new party, releasing the original party from liability✓ Correct
CThe property address in an existing contract
DThe purchase price after appraisal
Explanation
Novation is the substitution of a new party (or new obligation) for an old one, with the consent of all parties, extinguishing the original party's obligation.
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