bn:00058200n
Noun Concept
Categories: Wikipedia articles incorporating text from the 1911 Encyclopædia Britannica, Business law, Contract law, Derivatives (finance), Wikipedia articles incorporating a citation from the 1911 Encyclopaedia Britannica with Wikisource reference
EN
novation  Anti-Assignment Act
EN
(law) the replacement of one obligation by another by mutual agreement of both parties; usually the replacement of one of the original parties to a contract with the consent of the remaining party WordNet 3.0
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EN
(law) the replacement of one obligation by another by mutual agreement of both parties; usually the replacement of one of the original parties to a contract with the consent of the remaining party WordNet 3.0 & Open English WordNet
Novation, in contract law and business law, is the act of – replacing an obligation to perform with another obligation; or adding an obligation to perform; or replacing a party to an agreement with a new party. Wikipedia
Legal term in contract and business law. Wikipedia Disambiguation
A new contract between the original contracting parties whereby the first obligation is extinguished and a new obligation is substituted. Wiktionary
EN
An example of a novation is where an original debt which was payable in two instalments is novated to become payable in five installments. Wiktionary
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