Definitions for novation
no·va·tion

Princeton's WordNetRate this definition:0.0 / 0 votes

1. novationnoun

   (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

GCIDERate this definition:1.0 / 1 vote

1. Novationnoun

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

WiktionaryRate this definition:0.0 / 0 votes

1. novationnoun

   Replacement of a contract with one or more new contracts, in particular in financial markets the replacement of a contract between a particular buyer and seller with contracts between the clearing house and each party.

2. novationnoun

   A new contract between the original contracting parties whereby the first obligation is extinguished and a new obligation is substituted.

3. Etymology: novatio < novus. Compare novel, novelty.

Samuel Johnson's DictionaryRate this definition:0.0 / 0 votes

1. Novationnoun

   The introduction of something new.

   Etymology: novatio, Latin.

WikipediaRate this definition:0.0 / 0 votes

1. Novation

   Novation, in contract law and business law, is the act of – replacing an obligation to perform with another obligation; or adding an obligation to perform; or replacing a party to an agreement with a new party.In international law, novation is the acquisition of territory by a sovereign state through "the gradual transformation of a right in territorio alieno [in foreign territory] into full sovereignty without any formal and unequivocal instrument to that effect intervening".

ChatGPTRate this definition:0.0 / 0 votes

1. novation

   Novation is a legal concept in contract law that refers to the act of either replacing an obligation to perform with a new obligation, or replacing a party involved in a contract with a new party. This concept is applicable in situations where a new contract substitutes an old one, or a new party replaces an existing one while the other party or obligations remain the same. Novation requires the consent of all parties involved.

Webster DictionaryRate this definition:0.0 / 0 votes

1. Novationnoun

   innovation

2. Novationnoun

   a substitution of a new debt for an old one; also, the remodeling of an old obligation

3. Etymology: [L. novatio; novus new: cf. F. novation.]

WikidataRate this definition:0.0 / 0 votes

1. Novation

   In contract law and business law, novation is the act of either: replacing an obligation to perform with a new obligation; or replacing a party to an agreement with a new party. In contrast to an assignment, which is valid so long as the obligee is given notice, a novation is valid only with the consent of all parties to the original agreement: the obligee must consent to the replacement of the original obligor with the new obligor. A contract transferred by the novation process transfers all duties and obligations from the original obligor to the new obligor. For example, if there exists a contract where Dan will give a TV to Alex, and another contract where Alex will give a TV to Becky, then, it is possible to novate both contracts and replace them with a single contract wherein Dan agrees to give a TV to Becky. Contrary to assignment, novation requires the consent of all parties. Consideration is still required for the new contract, but it is usually assumed to be the discharge of the former contract. Another classic example is where Company A enters a contract with Company B and a novation is included to ensure that if Company B sells, merges or transfers the core of their business to another company, the new company assumes the obligations and liabilities that Company B has with Company A under the contract. So in terms of the contract, a purchaser, merging party or transferee of Company B steps into the shoes of Company B with respect to its obligations to Company A. Alternatively, a "novation agreement" may be signed after the original contract in the event of such a change.

Chambers 20th Century DictionaryRate this definition:0.0 / 0 votes

1. Novation

   nō-vā′shun, n. the substitution of a new obligation for the one existing: innovation.

Matched Categories

1. • Law
   • Replacement

How to pronounce novation?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say novation in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of novation in Chaldean Numerology is: 9

2. Pythagorean Numerology

   The numerical value of novation in Pythagorean Numerology is: 2

Popularity rank by frequency of use

References

1. ^ Princeton's WordNet
   http://wordnetweb.princeton.edu/perl/webwn?s=novation
2. ^ GCIDE
   https://gcide.gnu.org.ua/?q=novation
3. ^ Wiktionary
   https://en.wiktionary.org/wiki/Novation
4. ^ Samuel Johnson's Dictionary
   https://johnsonsdictionaryonline.com/views/search.php?term=novation
5. ^ Wikipedia
   https://en.wikipedia.org/wiki/Novation
6. ^ ChatGPT
   https://chat.openai.com
7. ^ Webster Dictionary
   https://www.merriam-webster.com/dictionary/novation
8. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=novation
9. ^ Chambers 20th Century Dictionary
   https://www.gutenberg.org/files/37683/37683-h/37683-h.htm#:~:text=novation