Simple English definitions for legal terms
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Definition: A substitute obligation is a legal duty that replaces an extinguished obligation through novation. Novation is a process where a new obligation replaces an old one, and the parties involved agree to the change.
Example: A borrower owes a lender $10,000. The borrower and lender agree to replace the old obligation with a new one, where the borrower owes $8,000 instead. The new obligation is a substitute obligation that replaces the old one.
This example illustrates how a substitute obligation can replace an old obligation through novation. The borrower and lender agreed to the change, and the new obligation takes the place of the old one.
substitute information in lieu of indictment | substitute specification