CA Foundation Exam > CA Foundation Questions > “Novation” means ________a)Altera...
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“Novation” means ________
- a)Alteration in terms of the contract
- b)Recission of the contract
- c)Substitution of an existing contract with a new one
- d)Remission of performance of contract
Correct answer is option 'C'. Can you explain this answer?
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“Novation” means ________a)Alteration in terms of the cont...
Explanation:
Novation refers to the substitution of an existing contract with a new one. It involves the release of one party from their obligations under the original contract and the introduction of a new party who assumes those obligations. Here is a detailed explanation of each option:
A: Alteration in terms of the contract
- This option refers to changes or modifications made to the terms of a contract.
- It does not involve the substitution of a new contract.
B: Recission of the contract
- Recission refers to the cancellation or termination of a contract.
- It does not involve the substitution of a new contract.
C: Substitution of an existing contract with a new one
- This option accurately describes novation, where a new contract is introduced to replace the original one.
- It involves the release of one party and the introduction of a new party.
D: Remission of performance of contract
- Remission refers to the forgiveness or reduction of a debt or obligation.
- It does not involve the substitution of a new contract.
Therefore, the correct answer is option C: Substitution of an existing contract with a new one.
Novation refers to the substitution of an existing contract with a new one. It involves the release of one party from their obligations under the original contract and the introduction of a new party who assumes those obligations. Here is a detailed explanation of each option:
A: Alteration in terms of the contract
- This option refers to changes or modifications made to the terms of a contract.
- It does not involve the substitution of a new contract.
B: Recission of the contract
- Recission refers to the cancellation or termination of a contract.
- It does not involve the substitution of a new contract.
C: Substitution of an existing contract with a new one
- This option accurately describes novation, where a new contract is introduced to replace the original one.
- It involves the release of one party and the introduction of a new party.
D: Remission of performance of contract
- Remission refers to the forgiveness or reduction of a debt or obligation.
- It does not involve the substitution of a new contract.
Therefore, the correct answer is option C: Substitution of an existing contract with a new one.
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“Novation” means ________a)Alteration in terms of the contractb)Recission of the contractc)Substitution of an existing contract with a new oned)Remission of performance of contractCorrect answer is option 'C'. Can you explain this answer?
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