IGNOU BCOC 133 2026 - Explain the meaning of 'Novation'. How novation is d

Question

Explain the meaning of 'Novation'. How novation is different from rescission?

12 Feb 2026

Answer :

Word Count : 311

Novation is a concept in business law that refers to the replacement of an existing contract with a new one, either by substituting a new party, changing the terms of the contract, or both, while extinguishing the original obligation. In a novation, the original contract is discharged, and a fresh contract comes into existence, which is legally enforceable. This ensures that the rights and obligations under the old contract are transferred or replaced according to the agreement of

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