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

Consideration
Material Alterations
Mistake
Assignment

The correct answer is: 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.