District Judge Interview Questions: Novation, Alteration, and Modification of Contracts

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Basic Conceptual Questions 1. Define novation under Section 62 of the Indian Contract Act, 1872. What are its essential elements? Expected Answer: Novation means substituting a new contract for an existing one, which completely discharges the original contract. Essential elements include: (i) Consensus ad idem between parties, (ii) A pre-existing valid contract, (iii) Complete substitution
 
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