Ontario Mortgage Agent Practice Exam

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Study for the Ontario Mortgage Agent Exam. Prepare with flashcards and multiple choice questions, each question includes hints and explanations. Get ready for your test!

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What is considered a discharge by right in a contract?

Condition Subsequent
Discharge by Right
Acceptance
Mistake

The correct answer is: Discharge by Right

A discharge by right in a contract occurs when one party is released from their duties or obligations under the contract without the need for any action or agreement by the other party. This is different from a condition subsequent (A) which is when the performance of a specific act is necessary for the contract to be terminated. Acceptance (C) is when one party agrees to the terms and conditions of the contract, while Mistake (D) is when a misunderstanding or error occurs in the contract that makes it invalid.