Which of the following best describes the meaning of ‘discharge of a contract by novation’?
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.
Cost of issue of new shares is known as:
Consider the following statements regarding Contingency Fund of India
1. Currently, the Parliament has authorized a corpus of ₹30000 crore. ...
Match the following:
A) Systematic Risk 1) Risk of price movements
B) Operational Risk 2...
Consider the following statements regarding the storage of bullion:
1) Bullion should be only stored in a bank vault for maximum securit...
From the following in which of the step of risk management we check ‘How will the risk affect us’ and consider probability and impact of operations:...
What is capital account convertibility?
If the due date of a bill is after the closing date of accounts, then interest from the date of closing to the due date is written in the appropriate si...
Accounting standards in India issued by:
According to Union Budget 2023-24, consider the following statements regarding the Marine sector:
1. Marine products recorded the highest expo...
According to the International Monetary Fund,Asia's economy is expected to expand by _______ this year after a 3.8 per cent increase in 2022.