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The substitution of a new contract for a previous contract, or the substitution of a new party for a previous party in a contract, so that the previous obligation is considered discharged or the previous obligor released.
[Late Latin novātiō, novātiōn-, from Latin, a renewing, from novātus, past participle of novāre, to make new, from novus, new; see newo- in Indo-European roots.]
American Heritage® Dictionary of the English Language, Fifth Edition. Copyright © 2016 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.
1. (Law) law the substitution of a new obligation for an old one by mutual agreement between the parties, esp of one debtor or creditor for another
2. an obsolete word for innovation
[C16: from Late Latin novātio a renewing, from Latin novāre to renew]
Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014
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|Noun||1.||novation - (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|
replacement, replacing - the act of furnishing an equivalent person or thing in the place of another; "replacing the star will not be easy"
Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Farlex Inc.