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of <h1>Section 62 novation requires complete contract substitution with all parties' agreement and original obligation extinguishment</h1> Novation under Section 62 of the Indian Contract Act, 1872 involves complete substitution of a new contract for an existing one, requiring agreement of all parties and extinguishment of the original obligation. Essential elements include a previous valid obligation, mutual agreement on the new contract, discharge of the old contract, and validity of the new one. Novation can involve same or different parties and may substitute debtors or creditors. Mere variation of contract terms does not constitute novation. The process requires complete substitution, rescission, or extinguishment of the previous contract, with the new contract serving as consideration for discharging the old obligation.
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