Oren and Pat Are Parties to a Contract for the Management

Multiple Choice

Oren and Pat are parties to a contract for the management of Oren's residential rental properties. A dispute arises between them over the obligations due under the contract. They negotiate a compromise and form a different agreement to substitute for the original one. This settlement agreement does not require

A) ​the existence of a previous, valid obligation.
B) ​the agreement by the parties to the new contract.
C) ​a third party.
D) ​a new, valid contract.