CA Foundation Exam > CA Foundation Questions > _________ of a contract takes place when all ...
Start Learning for Free
_________ 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?
| FREE This question is part of | Download PDF Attempt this Test |
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.
Attention CA Foundation Students!
To make sure you are not studying endlessly, EduRev has designed CA Foundation study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in CA Foundation.
|
Explore Courses for CA Foundation exam
|
|
Top Courses for CA FoundationView all
_________ 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?
Question Description
_________ 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? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about _________ 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? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for _________ 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?.
_________ 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? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about _________ 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? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for _________ 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?.
Solutions for _________ 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? in English & in Hindi are available as part of our courses for CA Foundation.
Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of _________ 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? defined & explained in the simplest way possible. Besides giving the explanation of
_________ 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?, a detailed solution for _________ 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? has been provided alongside types of _________ 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? theory, EduRev gives you an
ample number of questions to practice _________ 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? tests, examples and also practice CA Foundation tests.
|
|
Explore Courses for CA Foundation exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup