Multiple Choice Questions on If a new contract is substituted in place of an existing contract it is called ........ for Judicial Services Exam (JS) Preparation

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Multiple Choice Questions

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

Indian Contract Act (ICA)1872 Performance of a Contract
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    If a new contract is substituted in place of an existing contract, it is called________.

    alteration.

    Incorrect Answer

    rescission.

    Incorrect Answer

    novation

    Correct Answer

    waiver.

    Incorrect Answer
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    Explanation:

    Section 62 – 
    62. Effect of novation, rescission, and alteration of contract. If the parties to a contract agree to substitute a new contract for it, or to rescind or alter it, the original contract need not be performed.

    By: santosh
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