1.When there is a substitution of new parties on the same contract, this is called_____

(a) a novation

(b) an accord

(c) a modification

(d) an addendum.

2.Which of the following is NOT a Duty of an Agent:

(a) Duty of Care

(b) Duty to Compensate

(c) Duty of Loyalty

(d) Duty to Communicate.

3.Which of the following is NOT a Duty of a Principal:

(a) Duty of Loyalty

(b) Duty to Cooperate

(c) Duty to Compensate

(d) Duty to Reimburse.

4.A counteroffer_____

(a) is bargaining

(b) requires no consideration

(c) is not allowed under the UCC

(d) kills the original offer.

5.A bargained for exchange where each side gives up something is called_____

(a) puffery

(b) arbitration

(c) revocation

(d) consideration.