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Agent Sam has a purchase agreement to buy a house from Mr. Smith for $100,000. Agent Sam and Mr. Smith agree to new terms including a price of $102,000. and sign a new agreement to replace the old one. Then Agent Sam sells the right to buy the house for $102,000. to Mr. Jones who will go to the Act of Sale and actually buy it. What are two legal concepts that have occurred

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aeleeyas06

Answer:

1. The substitution of a new contract for an old one.
2. The new agreement extinguishes the rights and obligations

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