An Offer (I’ll mow your lawn this Saturday if you pay me $40) An Acceptance (You’ve got a deal) Mutual Consideration (the value received and given – the money and the lawn mowed) Legal Parties* Legal ...

The old supplier relinquishes all rights and obligations of the contract to the new supplier. To novate is to replace an old obligation with a new one. In contract law, a novation replaces one of ...