Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

substituted agreement

Read a random definition: carryback

A quick definition of substituted agreement:

A substituted agreement, also known as novation, is when an old obligation is replaced with a new one. This can happen when a new party replaces an existing party or when a new obligation replaces an existing one. It can also involve the creation of a new contractual duty and the discharge of a previous duty. Novation requires the consent of all parties involved and can result in the extinction of the old obligation and the creation of a new one.

A more thorough explanation:

A substituted agreement, also known as novation, is 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. A novation can substitute a new obligation between the same parties, a new debtor, or a new creditor.

For example, if person A owes person B $100, and person C owes person A $100, person A cannot transfer the legal duty of paying their debt to person B to person C without person B's consent. However, if person B agrees to accept person C as a debtor in place of person A, and person C agrees to accept person B as their creditor in place of person A, the three parties may make a tripartite agreement to this effect, known as novation. The effect of this is to extinguish person A's liability to person B and create a new liability on the part of person C.

Novation can be objective or subjective. Objective novation involves the substitution of a new obligation for an old one, while subjective novation involves the substitution of a new obligor for a previous obligor who has been discharged by the obligee.

substitute application | substituted basis

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
[] c0bra1
16:28
from what ive understood villanova's 3rd market is nyc but the philly ip market is a little small, most of the ppl i talked to had WE in tech first and thats how they got related roles in 1L/2L
[] c0bra1
16:29
they're just so similar on the balancing scale that im second guessing in case im overtly wrong on one of them...but then again all my friends say to quit whining and pick cardozo lol
starfishies
16:30
ngl still a tough decision
starfishies
16:30
but if youre trying to end up in nyc ultimately it seems like the more obvious answer
[] c0bra1
16:31
yeahh thats what it keeps boiling down to lol
[] c0bra1
16:31
i think it would be easier for me to pick nova if the col in nyc wasn't something i was ready for but that's not a problem for me
starfishies
16:31
okay money man
[] c0bra1
16:31
more like i anticipated a way better application and intended to get into fordham lol
starfishies
16:31
you have until the 15th right i feel like u already know what your answer is
[] c0bra1
16:31
yeaaa
starfishies
16:31
i also have a weekly deposit meltdown its okay
[] c0bra1
16:31
hence why i do this little dance every weekend
[] c0bra1
16:32
LOL
starfishies
16:32
my family is sick of me
[] c0bra1
16:32
who knows maybe nyu will be so nice and let me in this week or next and then all my problems will be solved
starfishies
16:33
lol right same
17:05
im freaking out what if i dont get in anywhere
[] c0bra1
17:27
@uglyostrich: don't worry i called all your schools and they said you're getting into at least 2 places
CheeseIsMyLoveLanguage
17:37
Scroll down to commitments.
CheeseIsMyLoveLanguage
17:38
To me it seems that if you don't have all your responses yet (which all schools know it has been a crazy cycle), then you shouldn't be penalized if you put down a deposit, get a response from another school, and choose to go that direction. If the school is stinky about it, it seems you would have some recourse through LSAC
[] c0bra1
17:54
swag yeah thats cool i think ill most likely just deposit at dozo to save myself the constant back-and-forth on the decision -- i dont think ive had a conversation yet where i end up choosing nova despite my best to advocate for it lol
[] c0bra1
17:55
like i said earlier i think if the col was an issue for me id probably pick nova but my heart has always been set on ny and i think id be fine over there
18:37
@c0bra1: Cardozo is such a sleeper holy. Bro NYC Market > most other markets. If u wanna end in NY, it is such a good value prop
18:38
NYC is such a powerhouse of a city/region.
19:11
@c0bra1: tell villanova to let me innnn
[] c0bra1
20:35
@uglyostrich: calling them rn 📲
MeowPossibilities
0:57
do people start getting off WL now or
OlDirtyBtard
0:58
I got off in March because I'm Him
MeowPossibilities
0:59
Slay teach me ur ways
LSD+ is ad-free, with DMs, discounts, case briefs & more.