Section 533: Contract may be suspended or altered

1) The parties to a contract may, if they so agree, change or suspended or altered 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 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.