Hypertext Webster Gateway: "novation"
From Webster's Revised Unabridged Dictionary (1913) (web1913)
Novation \No*va"tion\, n. [L. novatio; novus new: cf. F.
novation.]
1. Innovation. [Obs.]
I shall easily grant that novations in religion are
a main cause of distempers in commonwealths. --Laud.
2. (Law) A substitution of a new debt for an old one; also,
the remodeling of an old obligation.
From WordNet (r) 1.7 (wn)
novation
n : (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
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