Question

If a new contract is substituted in place of an existing contract it is called

Answer 1

If a new contract is substituted in place of an existing contract it is called Alteration ✔✔

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Answer 2

If a new contract is substituted in a place of an existing contract it is called Novation.

Novation occurs when a new contract is substituted for an old contract, whether between the same parties or between different parties, it is referred to as novation. The discharge of the old contract is the new contract's consideration. The novation should take place before the existing contract is breached or expires.

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