📜 BAR Exam Prep

A novation differs from an assignment in that:

A They are the same
B A novation substitutes a new party and releases the original party, requiring consent of all parties
C An assignment requires court approval
D A novation is informal

✓ Correct Answer: Option B

Novation: all three parties agree to substitute a new party, completely releasing the original obligor. Assignment only transfers rights without releasing the assignor automatically.

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