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'X' owes Rs.15, 000 to Y . Y pays Rs. 12,000 in full and final settlement of account. This is___
  • a)
    Novation
  • b)
    Alteration
  • c)
     Remission
  • d)
    Cancellation
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
'X' owes Rs.15, 000 to Y . Y pays Rs. 12,000 in full and final...
Explanation:

Remission is the act of forgiving or pardoning a debt. In this case, Y has accepted Rs. 12,000 as full and final settlement of the debt of Rs. 15,000 owed by X. This means that Y has forgiven or pardoned the remaining amount of Rs. 3,000.

The other options are:

- Novation: This refers to the substitution of a new contract or debt for an existing one. For example, if X owes Rs. 15,000 to Y and Z agrees to pay the debt on behalf of X, then a novation has taken place.
- Alteration: This refers to a change in the terms of an existing contract or debt. For example, if X and Y agree to change the interest rate on the debt from 10% to 12%, then an alteration has taken place.
- Cancellation: This refers to the termination or annulment of an existing contract or debt. For example, if X and Y agree to cancel the debt of Rs. 15,000, then a cancellation has taken place.

Therefore, the correct option is C) Remission.
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'X' owes Rs.15, 000 to Y . Y pays Rs. 12,000 in full and final...
The answer is B ,Remission
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'X' owes Rs.15, 000 to Y . Y pays Rs. 12,000 in full and final settlement of account. This is___a)Novationb)Alterationc)Remissiond)CancellationCorrect answer is option 'C'. Can you explain this answer?
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