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LSDefine

Simple English definitions for legal terms

innovation

Read a random definition: precinct

A quick definition of innovation:

Innovation means replacing an old obligation with a new one. This can happen when a new party takes over an old obligation or when a new obligation is created to replace an existing one. It's like getting a new toy to replace an old one that you don't want anymore. This is called novation. It's important to get everyone's agreement before making this change. There are two types of novation: objective novation, which is when a new obligation replaces an old one, and subjective novation, which is when a new person takes over an old obligation.

A more thorough explanation:

Innovation is a legal term that refers to the act of replacing an old obligation with a new one. This can involve replacing an existing obligation with a new one or replacing an original party with a new party.

For example, if person A owes person B $100, but person C agrees to pay the debt instead, this is an example of novation. The old obligation between person A and person B is replaced with a new obligation between person C and person B.

Novation can also involve creating a new contractual duty and including a party who was not originally involved in the contract. This requires the consent of all parties involved.

Overall, novation is a way to transfer obligations from one party to another, but it requires the agreement of all parties involved and the creation of a new obligation to replace the old one.

innotescimus | innoxiare

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babycat
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concorde
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Might have to send in addendums for that
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@WorthlessAttractiveZombie: 4
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Dkk
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suck what? (:
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suck at predicting
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boooooo
1a2b3c4d26z
14:45
hi guys
1a2b3c4d26z
14:45
how is everyone doing this fine friday
1a2b3c4d26z
14:46
Tonight im going to go for a run and lift some weights and then eat some dinner (probably a burrito) and then I'm going to watch a scary movie with my girlfriend (probably Longlegs). I'm so excited :)
1a2b3c4d26z
14:46
What is everyone else doing tonight
1a2b3c4d26z
14:47
Besides YM of course
14:47
Yoooo I’m a lifter too
14:47
I'm all good, I'm tipsy in Zanzibar finishing an app and laughing my ass off to this:
babycat
14:48
renard what are you drinking?
BulbasaurNoLikeCardio
14:50
Feeling like sad drinking tonight, wife accidentally tossed out my truck keys and those are expensive as fuck to replace. The crappiest part is that the key chain had the "remove before flight" tab from my first aircraft's rocket pods overseas from 6 years ago. Then find out people fucked around and back dated reports at work making me look like a shit bag so I am working later tonight and missing range time which is my weekly relax/me time. Add in my sleep meds stopped working, so I am thinking vodka (so I stay skinny and hot) and pizza by the fireplace kind of friday.
1a2b3c4d26z
14:51
Renard if you're not drinking margs Im gonna throw hands
14:51
Was at a restaurant and they decided to have me try something called "Double Kick" free of charge, it's like a sugar cane liquor with pineapple flavor
1a2b3c4d26z
14:51
missing range time :(
1a2b3c4d26z
14:52
That sounds good renard but unfortunately I'll still have to throw hands
Tonight I’m Having a date with this guy who asked me out couple times
BulbasaurNoLikeCardio
14:54
What made you give in and go out after he asked a couple times?
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