When the parties to a contract agree to substitute a new contract that is called________?
Correct answer: B. Novation
- A. Alteration
- B. Novation
- C. Rescission
- D. None of these
Explanation
Novation is the substitution of a new contract for an existing one, with the parties’ agreement releasing or replacing the original obligation. Alteration changes terms, while rescission cancels the contract.
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About Civil Law
Civil law governs disputes involving private rights, including contracts, property, family relations, torts and compensation. The subject explains breach of duty, civil liability, damages, specific relief, injunctions and other remedies, while distinguishing private claims between individuals from criminal proceedings brought to punish offences against the state.
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