Define That Term #18
January 21, 2006
Yesterday's term was novation, which is defined as:
n. agreement of parties to a contract to substitute a new contract for the old one. It extinguishes (cancels) the old agreement. A novation is often used when the parties find that payments or performance cannot be made under the terms of the original agreement, or the debtor will be forced to default or go into bankruptcy unless the debt is restructured. While voluntary, a novation is often the only way any funds can be paid. See also: accord and satisfaction.
Slickdpdx's guess was close. There were also a few creative guesses.
Today's term is:
res ipsa loquitur.
No dictionaries please. Good luck!
the thing speaks for itself
Posted by: slickdpdx | January 21, 2006 at 10:01 PM