Vocab Bloom Hub

novation

/nəʊˈveɪ.ʃən/

1 entry

noun

/nəʊˈveɪ.ʃən/C2formallegal
  • ruЮридический термин, обозначающий замену существующего обязательства или договора новым, обычно с заменой одной из сторон с согласия другой.

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.

  1. Legal replacement of an obligationC1formallegal

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

    ruНовация

    • 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.

    Synonymsreplacementsubstitution

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