novation

no•va•tion (noh-VEY-shuhn)  n

Definition:
1. (law) the act of either replacing an obligation to perform with a new obligation, or replacing a party to an agreement with a new party
2. the introduction of something new

novate verb

Origin:
1530s, from L. novationem, noun of action from novare “make new,” from novus "new"

Related:
Related Words: renovation, innovation

Sentence Examples:
• Napoleon was swayed also by another consideration. He considered the constitutions of the empire as the title-deeds of his crown; and he was afraid, if he annulled them, that he should effect a sort of novation, that would give him the appearance of beginning a new reign. -Memoirs of the Private Life, Return, and Reign of Napoleon in 1815, Pierre Antoine Edouard Fleury de Chaboulon

• Whether there has been a novation in any particular case is a question of fact, but assent to a novation is not to be inferred from conduct unless there has been a distinct and unambiguous request. -Principles of contract at law and in equity, Sir Frederick Pollock

• There must be a novation before the new firm is liable; and the new contract must receive the consent of all the parties, and must have the effect to extinguish the old contract and create a new liability of debtor and creditor, and such new contract must be based on some consideration. -Cases on the law of partnership, Eugene Allen Gilmore, William Everett Britton

Sources: Wikipedia, Online Etymology

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