Novation - Law Dictionary Search Results
Home Dictionary Name: novationNovation
Novation, the substitution, with the creditor's consent, of a new debtor for an old one. The cases on novation between a customer and a firm will be found discussed in Lindley on Partnership. Slight evidence is sufficient to show that a creditor who continue his dealings with in coming partners accepts the new firm as his debtors instead of the old firm, see Smith v. Patrick, 1901 AC 282. Even in the case of an amalgamation of companies there is nothing to prevent novation if established by sufficient evidence. Many such cases arose in the winding-up of the Albert Company and the European Company, which will be found collected in Buckley on Companies.Substitution of a new contract is the core of novation. If the new contract suffers from legal flaw such as want of registration, stamps etc., on account of which it becomes unenforceable, the original contract will not be extinguished and there would be no novation, Vishram Arjun v. Irukulla Shankariah, AIR 1957 AP 784....
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 ...
accord
accord 1 : to bring into agreement 2 : to grant or give esp. as appropriate, due, or earned vi : to be consistent or in harmony NOTE: Accord in this sense is often used to introduce a case or an authority that accords with the case or authority just cited, as for example in a sentence like “… a decision based on equitable principles. Accord Smith v. Jones, 1 F.2d 2 (1900).” n 1 : agreement of opinion [both cases in ] 2 : a formal act of agreement : treaty [an economic ] 3 : an accepted offer by which the parties agree that a specified future performance will discharge in full an obligation when performed even though the performance is of less value than the original obligation ;also : the defense that an accord was agreed upon usually used in the phrase accord and satisfaction; called also executory accord compare composition, compromise, novation, satisfaction substituted contract at contract, transaction ...
contract
contract [Latin contractus from contrahere to draw together, enter into (a relationship or agreement), from com- with, together + trahere to draw] 1 : an agreement between two or more parties that creates in each party a duty to do or not do something and a right to performance of the other's duty or a remedy for the breach of the other's duty ;also : a document embodying such an agreement see also accept, bargain, breach, cause, consent, consideration, duty, meeting of the minds, obligation, offer, performance, promise, rescind, social contract, subcontract Uniform Commercial Code in the Important Laws section NOTE: Contracts must be made by parties with the necessary capacity (as age or mental soundness) and must have a lawful, not criminal, object. Except in Louisiana, a valid contract also requires consideration, mutuality of obligations, and a meeting of the minds. In Louisiana, a valid contract requires the consent of the parties and a cause for the contract in addition to c...
performance
performance 1 : work done in employment [unsatisfactory ] 2 a : what is required to be performed in fulfillment of a contract, promise, or obligation [substituted a new in novation of the contract] b : the fulfillment of a contract, promise, or obligation part performance 1 : partial performance of a contract, promise, or obligation 2 : a doctrine which provides an exception to the Statute of Frauds requirement that a contract be in writing by treating partial performance and the acceptance of it by the other party as evidence of an enforceable contract compare partial breach at breach spe·cif·ic performance 1 : the complete or exact fulfillment of the terms of a contract, promise, or obligation 2 : an equitable remedy that requires a party to fulfill the exact terms of a contract, promise, obligation, or decree mandating a remedy and that is used when legal remedies (as damages) are inadequate [the common law prohibition against specific performance as a remedy for...
substitution
substitution : the substituting of one person or thing for another: as a in the civil law of Louisiana : a disposition not in trust by which a donee, heir, or legatee is charged to hold property transferred and return it to a third person compare fidei commissum, vulgar substitution NOTE: Substitutions are prohibited. b : replacement of a party to an action with a successor or representative upon motion to the court when the party is unable to continue litigating (as because of death, incompetency, transfer of interest, or loss of the office for which the party was suing or being sued in an official capacity) c : the replacement of a new agreement or obligation for an old one see also novation sub·sti·tu·tion·al [-shə-nəl] n sub·sti·tu·tion·ary [-shə-nər-ē] adj ...
Novation
Innovation...
Novator
An innovator...
Expromission
Expromission, a species of novation, as a creditor's acceptance of a new debtor, who takes the place of the old debtor, who is discharged....
Novatio non pr'sumitur
Novatio non pr'sumitur, (A novation is not presumed.)...
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