| 释义 |
novation
n. The substitution of a new contract for one already existing. The new contract may be between the same parties or it may involve the introduction of a new party, as in the case of the substitution of debtors. If A owes B £1,000 and B owes C £1,000, novation would occur if all three agreed that the existing debts were to be extinguished and that A is to pay C a new debt of £1,000. Novation should be distinguished from assignment of a commercial agreement, in which no new agreement is needed and the benefit of a contract is transferred to the assignee. |