How do accord and novation differ from each other?

• A. Accord and satisfaction substitutes a new performance; novation replaces the contracting party with a new one; both may discharge old obligations.
• B. Accord substitutes the contracting party; novation substitutes a new performance.
• C. Accord and novation both involve the same party switching.
• D. Accord and satisfaction and novation are the same concept.

Answer: (A)