Section 533
Contract May Be Suspended Or Altered
(1) The parties to a
contract may, if they so agree, change or alter all or any of the
portions of the act to be performed under the contract, extend the
time for the performance of any act under the contract, suspend the
contract by not making it obligatory to perform any act to be
performed under the contract for some time, substitute any act for
296
the act specified in the contract or make a new contract in
substitution for the original contract.
(2) If any change or alteration is made to a contract
pursuant to sub-section (1), a new contract shall be deemed to be
made, and the new contract shall become effective accordingly.
(3) If a new contract is made pursuant to sub-section (2),
the obligation under the original contract need not be borne except
as otherwise provided for in the new contract.