Match the following:
| Term | Meaning |
| 1. Novation | a. Acceptance is made to a promise but not on the complete terms of the promise but to a lesser fulfilment of the promise. |
| 2. Rescission | b. Parties to a contract abandon their mutual rights. |
| 3. Remission | c. Certain terms or all terms of a contract are cancelled. |
| 4. Waiver | d. A new contract is substituted for an old contract. |
Answer & explanation
Correct answer: option 1
The correct match is:
- Novation - d. A new contract is substituted for an old contract.
- Rescission - c. Certain terms or all terms of a contract are cancelled.
- Re-mission- a. Acceptance is made to a promise but not on the complete terms of the promise but to a lesser fulfilment of the promise.
- Waiver- b. Parties to a contract abandon their mutual rights.