Keyword Analysis & Research: novation


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What is novation and what are its legal consequences?

What is novation and what are its legal consequences? Novation is the substitution of a new agreement between the same parties or the substitution of a new party on an existing agreement. Honeycutt v.

What is the legal definition of novation?

Novations Law and Legal Definition. A novation is a mutual agreement among all concerned parties to substitute a new contract in place of a valid existing agreement. A novation is often used when the parties find that payments or performance are impossible under the terms of the original agreement, or the debtor will be forced to default or go into bankruptcy unless the debt is restructured.


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