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novation

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 B owes 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.

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