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  • Module 6 Legality of A Contract Final

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    Keshav Jatwani
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    Novation involves substituting a new contract for an existing contract between the same parties or with new parties, bringing the old contract to an end. Remission is when the promisee agrees to dispense with or remit performance of a promise under the contract wholly or in part, such as extending time for performance or accepting alternative satisfaction. Section 62 of the Indian Contract Act discusses novation as substituting a new contract and section 63 covers remission, which is the discharge of a contractual obligation by agreement of the parties.

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    Module 6 Legality of a Contract Final

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    Novation involves substituting a new contract for an existing contract between the same parties or with new parties, bringing the old contract to an end. Remission is when the promisee agrees to dispense with or remit performance of a promise under the contract wholly or in part, such as extending time for performance or accepting alternative satisfaction. Section 62 of the Indian Contract Act discusses novation as substituting a new contract and section 63 covers remission, which is the discharge of a contractual obligation by agreement of the parties.

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    8 views5 pages

    Module 6 Legality of A Contract Final

    Uploaded by

    Keshav Jatwani
    Novation involves substituting a new contract for an existing contract between the same parties or with new parties, bringing the old contract to an end. Remission is when the promisee agrees to dispense with or remit performance of a promise under the contract wholly or in part, such as extending time for performance or accepting alternative satisfaction. Section 62 of the Indian Contract Act discusses novation as substituting a new contract and section 63 covers remission, which is the discharge of a contractual obligation by agreement of the parties.

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    of 5

    NOVATION , RESCISSION AND

    ALTERATION
    and
    REMISSION
    (discharge by agreement)
    • The options that can be availed by the parties
    in the case when the contract need not be
    performed.
    • Section 62 talks about the same.
    Novation:
    • When the parties to a contract agree to
    substitute the existing contract with a new
    contract
    • The consideration remains the same.
    • 2 types:
    1. When there is change of parties.
    2. Substitution of a new contract by an old one.
    Essentials:
    • The old contract should still be subsisting in
    nature.
    • After the novation, the old contract comes to
    an end.
    • The new contract comes into effect.

    Example: in case of a partnership etc.


    Section 63: remission

    • When the promisee agree to dispense with or


    remit performance of promise.

    1. Dispense with, wholly or in part.


    2. Extend the time.
    3. Accept any other satisfaction instead of the
    performance mentioned in the contract.

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