Novation
Novation, in contract law and business law, is the act of –
replacing an obligation to perform with another obligation; or
adding an obligation to perform; or
replacing a party to an agreement with a new party.
In international law, novation is the acquisition of territory by a sovereign state through "the gradual transformation of a right in territorio alieno [in foreign territory] into full sovereignty without any formal and unequivocal instrument to that effect intervening".
Light Years
- 2018-03-20T00:00:00.000000Z
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