The Everyday Dictionary of Law
The Everyday Dictionary of Law provides legal vocabulary currently in use in common law jurisdictions such as most notably, in the United States. The dictionary is compiled specifically for commercial and intellectual property law practitioners, which provides simple definitions and meanings in American English, for legal terms (including Latin terms) used in formal correspondence, court proceedings, and motion practice as well as common language words that are frequently used in the same. It is a simple reference guide for attorneys, paralegals as well as casual readers who need to check the meaning of a particular legal term in due course of their work.
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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 £100 and Bowes C £100, 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 £100. 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.