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| Prefix | Namespace IRI |
|---|
| rdfs | http://www.w3.org/2000/01/rdf-schema# |
| rdf | http://www.w3.org/1999/02/22-rdf-syntax-ns# |
| xsdh | http://www.w3.org/2001/XMLSchema# |
| dbpedia | http://dbpedia.org/resource/ |
- Subject Item
- dbpedia:Novation
- rdfs:comment
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In contract law and business law, "novation" is the act of either: replacing an obligation to perform with another obligation; or adding an obligation to perform; or replacing a party to an agreement with a new party.In contrast to an assignment, which is valid so long as the obligee (person receiving the benefit of the bargain) is given notice, a novation is valid only with the consent of all parties to the original agreement: the obligee must consent to the replacement of the original obligor with the new obligor.