Question

X owes Rs. 15,000/- to Y and he (X ) pays Rs. 12,000/- in full and final settlement of the outstanding due. This is called _______ (a) Novation (b) Alteratin (c) Remission (d) Cancellation

Answer 1

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anSwer

X owes Rs. 15,000/- to Y and he (X ) pays Rs. 12,000/- in full and final settlement of the outstanding due. This is called _______

» Alteratin

because it is alternating factor.

Answer 2

Answer:

(c) Remission

X owes Rs. 15,000/- to Y and he (X ) pays Rs. 12,000/- in full and final settlement of the outstanding due. This is called REMISSION.

Explanation:

Remission implies acknowledgment of a lesser sum or lesser level of execution than what was contracted for in full discharge of the contract.

As per sec. 63 a party may:

(a) Dispense with or dispatch execution completely or to some degree; or

(b) Extend the ideal opportunity for execution ; or

(c) Accept some other fulfilment rather than execution

For such delivery or guarantee there is no requirement for thought or another arrangement.