If a new contract is substituted in place of an existing contract it is called ........

Indian Contract Act (ICA)1872 Introduction and Definition

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If a new contract is substituted in place of an existing contract, it is called

Alteration

Rescission

Novation

Waiver

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Explanation:

- Alteration: This involves changing some terms of the existing contract while keeping the original contract intact.

- Rescission: This refers to the cancellation of a contract, rendering it void and releasing parties from obligations.

- Novation: This occurs when a new contract is substituted for an old one, with the consent of all parties involved. The original contract is extinguished.

- Waiver: Waiver means voluntarily giving up a right or claim, which can affect contractual obligations but does not replace the contract with a new one.