novation

noun

1. Law. the substitution of a new obligation for an old one, usually by the substitution of a new debtor or of a new creditor.
2. the introduction of something new; innovation.

noun

1. law the substitution of a new obligation for an old one by mutual agreement between the parties, esp of one debtor or creditor for another
2. an obsolete word for innovation

n.“replacement of an old obligation by a new one,” 1530s, from Latin novationem (nominative novatio) “a making new, renewal,” noun of action from past participle stem of novare “make new,” from novus “new” (see new).