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Contracts/Novation: Difference between revisions
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:''This article is on the legal term, for the company, see [[Novation Electronic Music Systems]].'' | |||
'''Novation''' is a term used in [[contract law]] and [[business law]] to describe the act of either replacing an obligation to perform with a new obligation, or replacing a party to an agreement with a new party. A novation must be agreed upon by all original parties to the original agreement. | |||
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[[Category:Contract law]] | |||
[[Category:Business law]] | |||
Revision as of 22:00, June 10, 2005
- This article is on the legal term, for the company, see Novation Electronic Music Systems.
Novation is a term used in contract law and business law to describe the act of either replacing an obligation to perform with a new obligation, or replacing a party to an agreement with a new party. A novation must be agreed upon by all original parties to the original agreement.
