Ontario Mortgage Agent Practice Exam 2025 - Free Mortgage Agent Practice Questions and Study Guide

Question: 1 / 400

What term describes a change in a contract substantial enough to alter its meaning?

Consideration

Material Alterations

A) Consideration is the money or something else of value given in exchange for a promise or service. It is not related to changes in a contract.

B) Material Alterations is the correct term for a change in a contract that is significant enough to change its meaning or obligations.

C) Mistake refers to an error made in the creation of a contract, not to changes made after it has been formed.

D) Assignment is when one party transfers their rights and obligations under a contract to a third party, and does not pertain to changes made to the contract itself.

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Mistake

Assignment

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