novation

noun/noʊˈveɪʃən/

Frequency rank: #19,722 most common English word

Meaning

The substitution of a new legal obligation for an existing one, with the consent of all parties involved.

Illustration for the English word “novation”

Example sentence

The two companies agreed to novation of the original contract, replacing the old obligations with new ones.

Synonyms & related words

Practice this word in the quiz

More words in ranks 19,701–19,800