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A contract can be discharged either by agreement or by a breach. Novation is one way to discharge a contract by agreement and section 62 of the India Contract, 1872 Act gives expression to the doctrine of Novation. The substitution or replacement of an old contract with a new one is termed as Novation. It takes place with the consent and agreement of both the parties to a contract thus with the creation of new contractual obligations, the old ones are discharged. The doctrine of Novation exists to give expression to the concept that parties to a contract should be competent to add, subtract or vary the terms of the contract before its breach with the help of a new contract.
Given below are two statements, one labelled as Assertion (A) and the other labelled as Reason (R). You are to examine these two statements carefully an...
According to classical economic theory, which of the following mechanisms ensures that the economy naturally tends towards full employment?
What is the minimum tradable amount at which treasury bill is quoted in secondary market?
Consider the following Statements and choose the option with Correct Statements.
I- The Remission of Duties and Taxes on Exported Products (Ro...
What initiative was launched by SIDBI in 2018 to track the current state and expected outlook on the MSME sector?
Which of the following would most likely result in a higher gross profit margin assuming no fixed costs?
Which of the following best describes the composite criteria of movement of an enterprise from one category to another under MSMEs ?
A. The en...
Current rate of interest equalization under Interest Equalization Scheme for Pre and Post Shipment Rupee Export Credit, for MSME Manufacturer Exporters ...
The value of a derivative
Which of the following statement is incorrect with regard to Resident SB a/c opened jointly with NRI close relative?
A.Cheques favouring the NRI ...