Match List – I with List – II.

Choose the correct answer from the options given below :

A-IV, B-III, C-I, D-II

The correct answer is Option (2) → A-IV, B-III, C-I, D-II

• 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.