Match List – I with List – II.
|
LIST I |
LIST II |
|
A. Novation |
I. Terms of contract cancelled |
|
B. Waiver |
II. Acceptance of lesser fulfillment of promise |
|
C. Recission |
III. Parties abandon mutual rights |
|
D. Remission |
IV. New contract substituted for old one |
Choose the correct answer from the options given below :
Answer & explanation
Correct answer: option 2
The correct answer is Option (2) → A-IV, B-III, C-I, D-II
|
LIST I |
LIST II |
|
A. Novation |
IV. New contract substituted for old one |
|
B. Waiver |
III. Parties abandon mutual rights |
|
C. Recission |
I. Terms of contract cancelled |
|
D. Remission |
II. Acceptance of lesser fulfillment of promise |
-
A. Novation → IV. New contract substituted for old one: Novation involves replacing an old contract with a new one, with the consent of all parties involved.
-
B. Waiver → II. Acceptance of lesser fulfillment of promise: Waiver refers to the voluntary relinquishment of a known right, often allowing for the acceptance of a lesser fulfillment of a promise.
-
C. Recission → I. Terms of contract cancelled: Recission is the act of canceling a contract, which nullifies the terms of the original agreement.
-
D. Remission → III. Parties abandon mutual rights: Remission refers to the acceptance of a lesser performance of a contractual obligation, where the parties may abandon their mutual rights.