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Encyclopedia Britannica - Main :: NEW-NUM |
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NOVATION , a legal term
contract . In English
term
contract a merger. It is doubtful, however, whether merger applies except where the substituted contract is one of a higher nature, as where a contract under seal supersedes a simple contract. Where one contract is replaced by another, it is of course necessary that the new contract should be a valid contract, founded upon sufficient consideration (see CONTRACT). The extinction of the previous contract is sufficient consideration. The question whether there is a novation most frequently arises in the course of dealing between a customer and a new partnership, and on the assignment of the business of a life
company
transfer of their policies. The points on which novation turns are whether the new firm or company
case
Life
note to the section , and so has quasi-statutory sanction. Scots law seems to be more stringent than English
doctrine
transfer of liability. In American law, as in English, the term is something of a novelty, except in Louisiana, where much of the civil law is retained.End of Article: NOVATION If you wish, you can link directly to this article.
<a href="http://jcsm.org/StudyCenter/Encyclopedia/NEW_NUM/NOVATION.html"> NOVATION </a> |
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