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Under Indian Contract Act, 1872, if the nature of liability in a contract is changed it is shown as

Under section 62 of the Indian Contract Act, 1872, if the parties agree to substitute a new contract for an existing one, the original need not be performed; replacing the…

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Under Indian Contract Act, 1872, if the nature of liability in a contract is changed it is shown as

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Correct answer D

Under section 62 of the Indian Contract Act, 1872, if the parties agree to substitute a new contract for an existing one, the original need not be performed; replacing the old obligation with a new one changes the nature of the liability and is called "Novation". Rescission cancels the contract, alteration only varies its terms while the original contract continues, and "renovation" is not a legal term.

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