Section 62 is based on the principle – those who create something can also put an end to it. Section 62 of the Indian Contract Act, 1872, states that when the contracting parties want to discharge a contract, then they can: substitute a new contract in place of the old one; or rescind it or alter it. Lord … See more According to Section 2(h) of the Indian Contract Act, 1872, (hence referred to as the Act), any agreement which is enforceable by law is a contract. A contract is formed … See more The following was held in the case of Lata Construction v. Rameshchandra Ramniklal (2000). Facts– The defendants resided in Libya and commissioned the appellants to construct a flat in India for the defendants to settle in. They … See more Novation has the following elements:- 1. There must be mutual consent between the parties. 2. There must not have been a breach in the original contract. 3. The new contract must be valid and enforceable. 4. After novation the old … See more The following was held in the case of CITI Bank N.A. v. Standard Chartered Bank (2004). Facts of the case– The Reserve Bank of India found … See more WebNov 6, 2024 · The Court has however observed with caution that it was trite law that in order to attract the theory of novation as per Section 62 of the Contract Act, there should be total substitution of the earlier contract and its terms and all the terms of the earlier contract (including the arbitration clause) should perish with it.

Law of Contracts Notes, Study Materials and Case Laws

WebJun 16, 2024 · Under the Indian Contract Act, 1872, Sections 73-75 elaborates on the consequences of a breach of contract. If any breach of contract happens, then the affected party has the right to claim different types of damages such as nominal damage or exemplary damage from the court and the court shall award those as per the facts and … five evolutionary forces

Novation: Definition in Contract Law, Types, Uses, and Example / …

WebApr 10, 2024 · When a party to a contract has refused to perform, or disabled himself from performing, his promise in its entirety, the promisee may put an end to the contract, unless he has signified, by words or conduct, his acquiescence in its continuance. Illustrations- WebSection 37 of the Indian Contract Act, 1872 enables parties to dispense with performance by way of assignment. The debtor is not a party to ... burden under a contract cannot be transferred so as to discharge the original contractor without the ... makes it all the more necessary for assignment clauses in contracts to deal with novation; if the WebCentral Government Act Section 62 in The Indian Contract Act, 1872 62. Effect of novation, rescission, and alteration of contract.—If the parties to a contract agree to substitute a … five examples of glow foods