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no·va·tion | \ nō-ˈvā-shən 
\
\Definition of novation
: the substitution of a new legal obligation for an old one
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More Definitions for novation
novation
nounno·va·tion | \ nō-ˈvā-shən \
\Legal Definition of novation
: the substitution by mutual agreement of one obligation for another with or without a change of parties and with the intent to extinguish the old obligation
no evidence that the contract was assigned, or that there was a novation — Boccardi v. Horn Constr. Corp., 612 N.Y.S.2d 180 (1994) — compare accord sense 3, substituted contract at contract
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Time Traveler for novation
The first known use of novation was in 1682
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