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of <h1>Parties Can Alter, Rescind, or Substitute Contracts Under Section 62 of Indian Contract Act, 1872</h1> Section 62 of the Indian Contract Act, 1872, states that if parties to a contract agree to substitute a new contract, rescind, or alter the existing one, the original contract need not be performed. For instance, if parties agree to replace an existing debtor with a new one, the original debt is extinguished. Similarly, if a new agreement is formed with different terms, the old contract is nullified. However, if an arrangement is made without the consent of all involved parties, as in the case of a third-party creditor not assenting, the original obligations remain enforceable.
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