Correct Answer is : Substituting a new contract for the old one.

Substituting a new contract for the old one.

Cancellation of the old contract.

Modifying or altering the terms of contract such that it has the effect of substituting a new contract for the old one.

Dispensing away the performance of the promise made by the other party.

CA CPT Model Test Paper 3 with solutions for online practice

Question : 83 of 200

Marks: +1, -0

Novation means:

Substituting a new contract for the old one.
Cancellation of the old contract.
Modifying or altering the terms of contract such that it has the effect of substituting a new contract for the old one.
Dispensing away the performance of the promise made by the other party.

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