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

CS CSEET · Business Environment and Entrepreneurship & Business Management, Ethics and Communication · PYQS · December 2013
If a new contract is substituted in place of an existing contract, it is called —
(A) Alteration
(B) Rescission
(C) Novation
(D) Waiver.

Answer & Explanation:

Correct Answer: Option (C)

Correct answer: (C) Novation.

Topics: Business Laws

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