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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.
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]
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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"