Indian Contract Act Section 62 — Effect of novation, rescission, and alteration of contract
CHAPTER IV OF THE PERFORMANCE OF CONTRACTS — Contracts which need not be performed
Commercial / Corporate
Summary
If the parties to a contract agree to replace it with a new contract, or to cancel it, or to change its terms, then the original contract no longer needs to be performed. In other words, the original obligations are set aside by the new agreement.
Official Text
If the parties to a contract agree to substitute a new contract for it, or to rescind or alter it, the original contract, need not be performed. Illustrations
Related Judgments
- ALL INDIA POWER ENGINEER FEDERATION & ORS. vs SASAN POWER LTD. & ORS. ETC — Supreme Court of India (2016)
- SATYA PAL ANAND vs STATE OF M.P. AND OTHERS — Supreme Court of India (2015)
- CITI BANK N.A. vs STANDARD CHARTERED BANK AND ORS — Supreme Court of India (2003)
- NATIONAL HIGHWAYS AUTHORITY OF INDIA vs ORISSA STEEL EXPRESSWAY PVT.LTD — Delhi High Court (2023)
- SATYA PAL ANAND vs STATE OF M.P. & ORS — Supreme Court of India (2016)
