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A basic explanation of novation of contracts, which involves the replacement of an existing contract with a new one, with the consent of all parties involved. The old contract is discharged, and the new contract takes effect.
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Novation of a contract means any change in the existing contract. In simple word we can say that an old contract is replaced into the new contract with the consent of the parties which are involved in the contract. When an novation of contract is made, the existing contract is discharged and the new contract is made
