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When certain terms or all terms of a contract are cancelled, it is called discharge by________________.
Novation
Remission
Rescission
Waiver
- Novation: This involves replacing an old contract with a new one, which may involve changing parties, terms, or obligations.
- Remission: This is forgiving a debt or obligation, where a party agrees to accept less than what was initially due or owed.
- Rescission: This means canceling a contract as if it never existed, undoing both existing and future obligations.
- Waiver: This is the voluntary relinquishment of a right or claim under the contract.
- Correct Answer: Rescission: When certain terms or all terms of a contract are canceled, it is called discharge by rescission.
By: Parvesh Mehta ProfileResourcesReport error
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