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    Question

    If the parties to a contract agree to substitute a new

    contract for it, or to rescind or alter it, the__________________
    A Original contract, may be performed Correct Answer Incorrect Answer
    B Original contract need not be performed Correct Answer Incorrect Answer
    C Original contract remains valid although parties may enter into another contract Correct Answer Incorrect Answer
    D Original contract is non-extinguishable Correct Answer Incorrect Answer
    E Parties have the discretion to decide upon the same Correct Answer Incorrect Answer

    Solution

    Contract Act  Section 62. Effect of novation, rescission, and alteration of contract: If the parties to a contract agree to substitute a new contract for it, or to rescind or alter it, the original contract, need not be performed.

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