Section 63 of ICA : Section 63: Promise May Dispense With Or Remit Performance Of Promise

Explanation using Example

Imagine you ordered a custom-designed bicycle from a local craftsman, Raj, for ₹30,000. Before Raj begins the work, you decide to opt for a different model that he offers for ₹25,000. You both agree to this change, and Raj accepts the ₹25,000 as full payment for the new model. This is an example of how a promisee, in this case you, can change the terms of the original agreement with the consent of the promisor, Raj, as per Section 63 of The Indian Contract Act, 1872.