NOVATION - Definition

Pronunciation:		now'veyshun
WordNet Dictionary

	Definition:	[n] (law) the replacement of one obligation by another by mutual agreement of both parties; usually the replacement of one of the original parties to a contract with the consent of the remaining party

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	See Also:	replacement, replacing

Webster's 1913 Dictionary

	Definition:	\No*va"tion\, n. [L. novatio; novus new: cf. F. novation.] 1. Innovation. [Obs.] I shall easily grant that novations in religion are a main cause of distempers in commonwealths. --Laud. 2. (Law) A substitution of a new debt for an old one; also, the remodeling of an old obligation.