Legal Dictionary of Pakistan

Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.

novation

n. The act of substituting for an old obligation a new one that either replaces an existing obligation with a new obligation or replaces an original party with a new party. ( A novation may substitute (1) a new obligation between the same parties, (2) a new debtor, or (3) a new creditor. - Also termed substituted agreement; (Roman law) novatio (noh-vay-shee-oh). - novate (noh-vayt or noh-vayt), vb. - novatory (noh-va-tor-ee), adj. See substituted contract under CONTRACT; ACCORD (2).

objective novation

See NOVATION.

subjective novation

See NOVATION.

subjective novation.

Civil law. A novation involving the substitution of a new obligor for a previous obligor who has been discharged by the obligee.