The substitution of a new contract in place of an old contract thereby discharging the rights and liabilities of the old contract is called as-
A. Substitution
B. Novation
C. Discharge
D. Replacement
Answer:B
The substitution of a new contract in place of an old contract thereby discharging the rights and liabilities of the old contract is called as-
A. Substitution B. Novation C. Discharge D. Replacement