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Question
When Ram accept Rs. 20,000 in discharge of whole debt of Rs. 22,000. It is known as ______.
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Solution
The correct option is D Remission
According to section 63 of the Indian Contract Act, 1872 remission means acceptance of a lesser performance than what was actually due under the contract. It is a mode of discharge of contract.In the above case option (D) is correct.
According to section 63 of the Indian Contract Act, 1872 remission means acceptance of a lesser performance than what was actually due under the contract. It is a mode of discharge of contract.In the above case option (D) is correct.
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