novation
C2CEFR level
82/100Rarity: very rare
TechnicalRegister
Law noun
Replacing a contract or party with a new one, by consent.
The debt was transferred by novation, not assignment.
Business noun
The replacement of one party to a contract, or of an obligation, with a new one by the consent of all parties.
The loan was transferred to the acquiring bank by novation, extinguishing the original agreement.
Rarity runs from 0 (a word everyone knows) to 100 (almost never seen outside specialist or literary writing). Level is the word's real difficulty on the CEFR scale, from A1 to C2.
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