Question

What do you understand by novation according to contract act?

Answer 1

Hello

Novation, in contract law and business law, is the act of – replacing an obligation to perform with another obligation; or. adding an obligation to perform; or. replacing a party to an agreement with a new party.

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Answer 2

$\huge \pink{HELLO \: MATE}$

Answer:

Novation of a contract means any change in the existing contract. Or, in simple word we can say that when an old contract / agreement is replaced into the new contract with the consent of the parties which are involved in the contract.

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