Multiple choice

Contracting parties may not remain same in

  1. remission

  2. recission

  3. novation

  4. alteration

Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Novation is the substitution of a new contract or party for an old one, discharging the original contract. The key feature is that contracting parties may change - either by substituting a new debtor or replacing the original contract entirely with a new one.