Legal Question in Business Law in India
business law
What is novation ? state its essential requirements.
Asked on 5/28/07, 1:44 pm
2 Answers from Attorneys
G. M. Gupta
gmguptaandassociates
Re: business law
novation is the renewal/ alteration/ change of the previous contract on the same issues/facts.
essential requirement is the consent and agreement of both parties
for further details please see the book of contract law.
Answered on 5/29/07, 2:59 pm
Sarosh Bastawala
ADVOCATE - SUPREME COURT OF INDIA
Re: business law
Novation is the substitution of a contract with another new contract, acceptable to both contracting parties, or the unilateral change or forbearance of the conditions by one party and the acquience of the otehr party.
Answered on 5/28/07, 1:57 pm
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