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 legal process where a new contract replaces an existing one, substituting a new obligation for an old one with the consent of all parties. This differs from remission (forgiveness), recission (cancellation), or alteration (modification without full substitution).