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LSDefine

Simple English definitions for legal terms

innovation

Read a random definition: mixed blood

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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does anyone ever think about how we have no idea who everyone else here is? like you guys dont know me at all thats so crazy cause i talked to you more than ppl irl today
i'm a hallucination
the hat man
HopefullyInLawSchool
16:03
isnt r&r a t50?
keep popping benadryls and ill stay online
law school chat roulette
[] baddestbunny
16:04
living out the plot of the movie unfriended in the yale invite-only webinar
You were only invited to round out the numbers anyway lol
Dkk
16:05
I'm too old to r&r, just gunna kms rn.
Dkk
16:05
Gotta get this show on the road.
Dkk
16:05
Lmfao
JumpySubsequentDolphin
16:05
washu stop emailing me while I’m waiting for a decision challenge
[] baddestbunny
16:05
I'm not in their webinar I just thought it would be a funny thing to have happen
[] baddestbunny
16:05
bc I have a sense of whimsy and imagination
Ah, youre a worm gorl'
shaquilleoatmeal
16:07
battle of the bunnies
How bout dat ASU wave
letsseehowitgoesnow
16:08
bunny hows it looking out there?
[] baddestbunny
16:08
I just think it's weird when a make a joke about everyone in the yale webinar being tortured by a malevolent spirit and someone says you only got invited to round out the numbers
why
go off queen
[] baddestbunny
16:09
which number am I rounding out? 5'4 women who deserve to be tortured?
someone invited to the yale webinar would get it
[] baddestbunny
16:10
if you don't get invited to the yale webinar canada sends you an email letting u know you qualify for MAID
what's that
Send MA ID
BulbasaurNoLikeCardio
16:16
LawHub blocking me from status checker, guess I ain't going to law school now
"Go touch grass" - Lawhub
BulbasaurNoLikeCardio
16:17
Pretty much lol
BulbasaurNoLikeCardio
16:18
Even though its only second check of the day
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