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Indian Contract Act (ICA)1872 Introduction and Definition

The alternation of a contract means alteration in the ……. of an existing contract.

parties

time

parties and terms

terms

- Option 1: Parties

- Refers to the people or entities involved in the contract.

- Changing parties means substituting one or more parties with new ones.

- Not commonly called alteration but more of an assignment or novation.

- Option 2: Time

- Pertains to the duration or deadlines within the contract.

- Altering time can mean extending or shortening contract periods.

- Such changes are considered modifications, not alterations.

- Option 3: Parties and Terms

- Combination of altering both parties and the specific provisions.

- Known as a more comprehensive change in the contract dynamics.

- Option 4: Terms

- Refers to the conditions and provisions within the contract.

- Altering terms means changing the specific details and stipulations.

- This is the most common understanding of a contract's alteration.

- Correct Answer

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