Mohan owes Rs.10,00,000 to Sohan under a contract. It is agreed between Mohan, Sohan and Rohan that Sohan shall hence forth accept Rohanas his debtor instead of Mohan for the same amount. Old debt of Mohan is discharged and a new debt from Rohan to Sohan is contracted. This is:
Option 1:
Alteration of contract
Option 2:
Rescission of contract
Option 3:
Novation of contract
Option 4:
Change in contract
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