novation
8 letters · noun · scores 2,200 in SpellHuntr
noun
(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
Novation in a sentence
An example of a novation is where an original debt which was payable in two instalments is novated to become payable in five installments.
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