Multiple choice

Total substitution of new contract in place of the old contract takes place in case of

  1. remission

  2. recission

  3. novation

  4. alteration

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

Novation is the total substitution of a new contract for an old one, extinguishing all rights and obligations under the original contract. It requires consent of all parties. Remission reduces obligations, recission cancels the contract, and alteration modifies terms without full substitution.