It is considered a variation to a contract, rather than a novation, when The parties agree to alter minor terms in an existing contract. Substituting a new party for one of the existing parties to the contract. One of the parties does not fully perform its obligations under the contract. The parties agree to changes to an existing contract that go to the root of the contract. Worth 5 points Freemont Construction Corp. entered into a contract with Atlantic Grocers Inc. to build a new grocery store in Dartmouth under some tight time constraints. Unfortunately, most of the Freemont Construction staff are tied up on an even bigger project in Labrador. Freemont's CEO has suggested to Atlantic that Birchcliffe Builders Ltd., a new company started by one of Freemont's most dependable former lead hands, would be prepared to take over the grocery store contract. The process that would be used to make this work for all the parties is called Novation Rescission. 0 Variation. Accord and satisfaction. In contract law, a waiver occurs when a party to an agreement States that an agreement will come into existence only after a certain event occurs. Alleges performance under the contract is defective or incomplete in some minor way. Insists performance must occur within a reasonable time, considering all the circumstances. Signifies orally or in writing that it is abandoning a right to insist on contractual performance. Worth 5 points Louis Landlord has rented retail space to Tara Tenant under a commercial lease. Tara asks to be relieved of the final two months of the five-year lease. Louis agrees, saying that it doesn't matter to him because he has a new tenant ready to move in. This is an example of Condition subsequent. Waiver. Novation. Accord and satisfaction. Which of the following statements about limitation periods for contract claims is FALSE? If a limitation period has expired, the plaintiff generally loses the right to sue. O Limitation periods are set by provincial law. The limitation period for contract claims is commonly two years, but there are variations. There is no limitation period for contract claims