Novation - Definition - Law Dictionary Home Dictionary Definition novation

novation

---

[Late Latin novatio renewal, legal novation, from Latin novare to make new, from novus new]
: the substitution by mutual agreement of one obligation for another with or without a change of parties and with the intent to extinguish the old obligation [no evidence that the contract was assigned, or that there was a "Boccardi v. Horn Constr. Corp., 612 N.Y.S.2d 180 (1994)"] compare accord substituted contract at contract