Question

.................... means replacement of an existing contract by a new contract

Select one:
a. rescission
b. remission
c. alteration
d. novation ​

Answer 1

Answer:

Novation

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Answer 2

The correct term is d. Novation

• The term means to typically substitute with a fresh official contract. It refers to specific situations where the same duties are carried out by people present.
• The current contract's potential liabilities are progressively eliminated when a standard contract is novated.
• Section 62 of the Indian Contract Act of 1872 recognises this fundamental notion.
• Under this, both the official parties must mutually agree to them, and they must transfer on both advantages and potential obligations to the new party.