Novation in Contract Law 101: A Legal Mechanism of Substitution and Discharge
Novation in Contract Law: A Legal Mechanism of Substitution and Discharge Introduction In the dynamic field of contract law, the doctrine of novation plays a crucial role in adapting contractual relationships to new circumstances without resorting to termination and reformation. A novation enables the replacement of one party or contractual obligation with another, while simultaneously extinguishing the original agreement. This legal construct fosters flexibility and continuity, especially in commercial transactions where changes in personnel or Read more