novation Hear it!

novation definition

no·va·tion (nō vā′s̸hən)

noun

Law the substitution of a new obligation or contract for an old one by the mutual agreement of all parties concerned

Etymology: LL novatio < L novare, to make new < novus, new

Webster's New World College Dictionary Copyright © 2005 by Wiley Publishing, Inc., Cleveland, Ohio.
Used by arrangement with John Wiley & Sons, Inc.

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