A novation is a tripartite agreement whereby the parties agree to substitute one original party with the third party in what is a new agreement.

Name: A novation is a tripartite agreement whereby the parties agree to substitute one original party with the third party in what is a new agreement.
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A novation involves a substitution of one party with a third party in a new agreement, as opposed to an assignment where the original party remains a party to the agreement.

A Novation Is a Tripartite Agreement Whereby the Parties Agree