According to contract act Novation means ........

Professional Legal Knowledge Law of contract

According to contract act Novation means

creating a new contract while the old one is terminated and need not be performed.

a party to the contract can cancel or terminate the contract.

when the parties enter into a contract and one of the parties wants to modify or change certain terms of the contract with the assent of the parties.

all of the above

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Explanation:

Novation of contract means creating a new contract while the old one is terminated and need not be performed. It is an act substituting a new obligation or party in a contract for the old one. Further, the newly substituted agreement should be valid, enforceable, have consideration and should be by the mutual consent of the parties. Basically, it should fulfil the requirements of a valid contract.