Distinguish between the following: Novation and Alteration
CS Executive · Economic, Business and Commercial Laws · PYQS · December 2023
Distinguish between the following: Novation and Alteration
Answer & Explanation:
Novation: Novation is when a new contract is substituted for an existing contract either between the same parties or between different parties, the consideration mutually being the discharge of the old contract. Alteration: Alteration is the change of one or more of the material terms of the contract between the same parties
Topics: Indian Contract Act, 1872
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