A novation is an agreement between two parties to have one substitute for the other in a contract.

Name: A novation is an agreement between two parties to have one substitute for the other in a contract.
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A novation involves three parties: the original contracting parties and the new party. It is an agreement where the new party replaces one of the original parties in the contract, taking on their rights and obligations.

A Novation Is an Agreement Between Two Parties to Have