novation
Sign in to saveNovation, in contract law and business law, is the act of –
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- Encyclopædia Britannica 11th edition
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Encyclopedic overview
6 sectionsContents
- History
- Novation vs. assignment
- Examples of novation
- International law
- References
- Further reading
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".
Excerpted from Wikipedia’s “novation” article, available under the CC BY-SA 4.0 licence.