BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -In alteration of contract, there should be consent of both the parties. Also, there should be material alteration in the contract before execution of the contract or deed with the consent of both the parties. If the alteration is done without the consent of either of the parties, then it is said to be void.

Detailed explanation-2: –Any material alteration of a negotiable instrument renders the same void as against any one who is a party thereto at the time of making such alteration and does not consent thereto, unless it was made in order to carry out the common intention of the original parties; Alteration by indorsee.

Detailed explanation-3: -Novation is substitution of old contract by a new contract by mutual agreement between the parties. Alteration means change in the terms of the existing contract by mutual agreement between the parties. The parties may either remain the same or a third party may be introduced.

Detailed explanation-4: -When the parties give their consent to substitute the old contract with the new one, it is called Novation. Alteration refers to modify or revise the terms and conditions of the contract, with the consent of the parties concerned. Parties may be the same or different.