Monica substituted her daughter's name as the buyer of a property. What does this scenario exemplify?

The scenario described indicates that Monica is substituting her daughter's name as the buyer of a property, which exemplifies assignment. An assignment occurs when one party (in this case, Monica) transfers their rights and obligations under a contract to another party (her daughter). In real estate transactions, this often allows the original party to designate someone else to take on their responsibilities concerning the purchase or obligations related to the contract.

It's important to note that assignment typically requires the consent of the original parties involved and does not relieve the assignor (Monica) of liability unless the contract states otherwise. This demonstrates how assignments can be used to facilitate transactions by allowing flexibility in who holds contractual rights.

In contrast, the other choices relate to different legal concepts. Fraud refers to deceptive practices intended to secure unfair or unlawful gain, which is not the primary issue in this scenario. Novation involves replacing an existing contract with a new one, extinguishing the original contract, and substituting another party without altering the terms, which doesn't exactly fit the description here. Performance refers to the fulfillment of contractual obligations, which is not the focus of this situation either.