Dictionary of Law
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novation :: legal definition


Novation - n. agreement of parties to a contract to substitute a new contract for the old one. It extinguishes (cancels) the old agreement. A novation is often used when the parties find that payments or performance cannot be made under the terms of the original agreement, or the debtor will be forced to default or go into bankruptcy unless the debt is restructured. While voluntary, a novation is often the only way any funds can be paid.

See also: accord and satisfaction and Related Law Terms ↓


Related Law Terms

addendum :: n. an addition to a completed written document. Mo ... proposals or included fraudulently.
amend :: v. to alter or change by adding, subtracting, or s ... mended pleading statute stipulation
anticipatory breach :: n. when a party to a contract repudiates (reneges ... perform. See also: breach contract
arm's length :: adj. the description of an agreement made by two p ... th" transaction. See also: contract
bargain :: n. 1) a mutual agreement or contract between two p ... o: agreement consideration contract
bilateral contract :: n. an agreement in which the parties exchange prom ... also: contract unilateral contract
commercial frustration :: n. an unforeseen uncontrollable event which occurs ... rustration of purpose impossibility
community property :: n. property and profits received by a husband and ... and distribution separate property
condition precedent :: n. 1) in a contract, an event which must take plac ... o the property. See also: condition
consideration :: n. 1) payment or money. 2) a vital element in the ... t of a promise). See also: contract
contract :: 1) n. an agreement with specific terms between two ... n oral contract unilateral contract
declaratory judgment :: n. a judgment of a court which determines the righ ... ys it. See also: declaratory relief
implied covenant of good faith and fair dealing :: n. a general assumption of the law of contracts, t ... -long employment. See also: implied
informed consent :: n. agreement to do something or to allow something ... . See also: consent Miranda warning
limited liability :: n. the maximum amount a person participating in a ... ted damages partnership shareholder
liquidated damages :: n. an amount of money agreed upon by both parties ... airness. See also: contract damages
mistake :: n. 1) an error in comprehending facts, meaning of ... time. See also: contract rescission
notice :: n. 1) information, usually in writing in all legal ... Thirty-day notice three-day notice
oral contract :: n. an agreement made with spoken words and either ... itten. See also: agreement contract
out of court :: adj. referring to actions, including negotiations ... is dismissed. See also: settlement
partnership :: n. a business enterprise entered into for profit w ... partnership partner silent partner
party :: n. 1) one of the participants in a lawsuit or othe ... y real party in interest respondent
party of the first part :: n. reference in a written contract to identify one ... ies another party to the agreement.
promise :: 1) n. a firm agreement to perform an act, refrain ... so: consideration contract covenant
rescind :: v. to cancel a contract, putting the parties back ... celling party. See also: rescission
severable contract :: n. an agreement which is made up of several separa ... e also: breach of contract contract
specific performance :: n. the right of a party to a contract to demand th ... artwork. See also: contract prayer
third party :: n. a person who is not a party to a contract or a ... beneficiary third-party beneficiary
third-party beneficiary :: n. a person who is not a party to a contract but h ... tract as a third-party beneficiary.
unconscionable :: adj. referring to a contract or bargain which is s ... ee also: adhesion contract contract

Popular Law Searches

legal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.
chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity
testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will
contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer
forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger."
mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor.
clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate.

Other Law Terms - N

N.O.V. :: adj. shorthand acronym of Latin for non obstante v ... notwithstanding the verdict verdic
National Labor Relations Board :: n. an independent regulatory commission created in ... see union and organizing elections.
natural law :: n. 1) standards of conduct derived from traditiona ... eated by mankind through the state.
natural person :: n. a real human being, as distinguished from a cor ... ated at law as a fictitious person.
necessary :: adj., adv. 1) essen- tial. 2) less forcefully, it ... nient, useful or making good sense.
necessary inference :: n. 1) a conclusion militated by reason and logic a ... nown facts. 2) unavoidable meaning.
necessary party :: n. a person or entity whose interests will be affe ... o: indispensable party proper party
negative declaration :: n. a finding by a city council or other local gove ... so: EIR environmental impact report
negative pregnant :: n. a denial of an allegation in which a person act ... suse, just the amount and the date.
negligence :: n. failure to exercise the care toward others whic ... gence per se res ipsa loquitur tort
negligence per se :: (purr say) n. negligence due to the violation of a ... riving. See also: negligence per se
negligent :: adj., adv. careless in not fulfilling responsibili ... esponsibility. See also: negligence
negotiable instrument :: n. check, promissory note, bill of exchange, secur ... bearer paper bill of exchange check
negotiation :: n. 1) the transfer of a check, promissory note, bi ... te. See also: negotiable instrument
net :: : n., adj. the amount of money or value remaining ... or net estate. See also: net estate
net estate :: n. the remaining estate of a person who has died, ... alue. See also: estate tax gift tax
new matter :: n. newly claimed facts or legal issues raised (bro ... ee also: affirmative defense answer
next friend :: n. a person (often a relative) who voluntarily hel ... filed. See also: guardian ad litem
next of kin :: n. 1) the nearest blood relatives of a person who ... See also: descent and distribution
nihil :: (ni [as in it]-hill) n. from Latin for nothing. ... t]-hill) n. from Latin for nothing.