Novation

[nәu'veiʃәn]

Definition

(noun.) (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.

Typed by Blanche--From WordNet

Definition

(n.) Innovation.

(n.) A substitution of a new debt for an old one; also, the remodeling of an old obligation.

Checked by Harriet

Definition

n. the substitution of a new obligation for the one existing: innovation.

Checker: Pamela