novation

A legal term referring to the substitution of a new obligation or contract for an existing one, typically involving the replacement of one party with the consent of the other.

• 🇩🇪Juristischer Begriff für die Ersetzung einer bestehenden Schuld oder eines Vertrags durch eine neue Verbindlichkeit, häufig unter Austausch einer Vertragspartei mit Zustimmung der anderen.

1. Legal replacement of an obligation C1 formal legal

   The act of replacing an existing contract or obligation with a new one, often involving a change of parties, by mutual agreement.

   • The parties agreed to a novation, substituting the original debtor with a new one.
   • A novation effectively extinguishes the old contract and creates a new one.
   • The lawyer drafted a novation agreement to transfer the rights and duties.

   🇩🇪Novation

   Synonyme: replacementsubstitution

• novations plural form
• novations' possessive plural form
• novation's possessive singular form