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    Question

    Change in the nature of the obligation in a contract is

    known as :
    A Alteration Correct Answer Incorrect Answer
    B Renovation Correct Answer Incorrect Answer
    C Rescission Correct Answer Incorrect Answer
    D Novation Correct Answer Incorrect Answer

    Solution

    Novation is covered under Section 62 of the Indian Contract Act, 1872. It is a convenient and simplified process that allows contracting parties to modify the terms of the original agreement and replace the old contract with a new one.

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