Contract of novation is ........

Indian Contract Act (ICA)1872 Miscellaneous Provisions

Contract of novation is:

A new contract that is enforced alongside an existing one, usually retaining the same rights and liabilities, as when one partner in a partnership is replaced by another

A new contract that replaces an existing one, without retaining the same rights and liabilities, as when one partner in a partnership is replaced by another

A new contract that replaces an existing one, usually retaining the same rights and liabilities, as when one partner in a partnership is replaced by another

None of these

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Explanation:

A new contract that replaces an existing one, usually retaining the same rights and liabilities, as when one partner in a partnership is replaced by another