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_________ of a contract takes place when all or some of the terms of the contract are cancelled.
- a)Novation
- b)Alteration
- c)Merger
- d)Rescission
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
_________ of a contract takes place when all or some of the terms of t...
By alteration: Alteration means change in one or more of the conditions of the contract.
Alteration made by the mutual consent of the parties will be perfectly valid. But any material alteration in terms of a written contract by the one party without the consent of other party will discharge such party from its obligations under the contract.
In case of novation a new contract replaces an old contract. The parties may also change. While in case of alteration only some of the terms of the contract are changed. Parties also continue to be the same.
Most Upvoted Answer
_________ of a contract takes place when all or some of the terms of t...
Rescission of a contract takes place when all or some of the terms of the contract are cancelled.
Alteration of the terms of a contract
When some of the terms of a contract are cancelled, it is known as alteration of the contract. Alteration of a contract can be done with the mutual agreement of both the parties involved in the contract.
For example, if two parties enter into a contract for the sale of a car and later agree to change the color of the car from red to blue, it is an alteration of the contract.
Novation, Merger, and Rescission
Novation of a contract takes place when a new party replaces one of the original parties to the contract. This new party assumes the obligations and rights of the original party.
Merger of a contract takes place when two or more contracts are combined into one.
Rescission of a contract takes place when the entire contract is cancelled, and both the parties are released from their obligations under the contract.
Conclusion
Therefore, option B, alteration, is the correct answer to the question as it describes the scenario where some but not all of the terms of the contract are cancelled.
Alteration of the terms of a contract
When some of the terms of a contract are cancelled, it is known as alteration of the contract. Alteration of a contract can be done with the mutual agreement of both the parties involved in the contract.
For example, if two parties enter into a contract for the sale of a car and later agree to change the color of the car from red to blue, it is an alteration of the contract.
Novation, Merger, and Rescission
Novation of a contract takes place when a new party replaces one of the original parties to the contract. This new party assumes the obligations and rights of the original party.
Merger of a contract takes place when two or more contracts are combined into one.
Rescission of a contract takes place when the entire contract is cancelled, and both the parties are released from their obligations under the contract.
Conclusion
Therefore, option B, alteration, is the correct answer to the question as it describes the scenario where some but not all of the terms of the contract are cancelled.
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_________ of a contract takes place when all or some of the terms of the contract are cancelled.a)Novationb)Alterationc)Mergerd)RescissionCorrect answer is option 'B'. Can you explain this answer?
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