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What does remission refer to in relation to a contract?
  • a)
    Acceptance of a lesser performance than what was due
  • b)
    Substitution of a new contract for the old one
  • c)
    Cancellation of the contract by mutual consent
  • d)
    Change in one or more of the conditions of the contract
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
What does remission refer to in relation to a contract?a)Acceptance of...
Remission refers to the acceptance of a lesser performance than what was actually due under the contract. It allows a party to dispense with or remit, wholly or in part, the performance of the promise made to them. This can include extending the time of performance or accepting alternative satisfaction. It is important to note that a promise to remit or accept a lesser performance will be binding even without consideration.
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What does remission refer to in relation to a contract?a)Acceptance of a lesser performance than what was dueb)Substitution of a new contract for the old onec)Cancellation of the contract by mutual consentd)Change in one or more of the conditions of the contractCorrect answer is option 'A'. Can you explain this answer?
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What does remission refer to in relation to a contract?a)Acceptance of a lesser performance than what was dueb)Substitution of a new contract for the old onec)Cancellation of the contract by mutual consentd)Change in one or more of the conditions of the contractCorrect answer is option 'A'. Can you explain this answer? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about What does remission refer to in relation to a contract?a)Acceptance of a lesser performance than what was dueb)Substitution of a new contract for the old onec)Cancellation of the contract by mutual consentd)Change in one or more of the conditions of the contractCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What does remission refer to in relation to a contract?a)Acceptance of a lesser performance than what was dueb)Substitution of a new contract for the old onec)Cancellation of the contract by mutual consentd)Change in one or more of the conditions of the contractCorrect answer is option 'A'. Can you explain this answer?.
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