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LSDefine

Simple English definitions for legal terms

substituted agreement

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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

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19:37
google contracted with reddit to train their ai how people talk. lol the 'ai future' is going to be full of search results FED REDDIT POSTS. unplug the internet now! https://www.reuters.com/technology/reddit-ai-content-licensing-deal-with-google-sources-say-2024-02-22/
Google AI is actually pretty cool though. Only when its actually accurate though.
19:40
by pretty cool, do you mean smug pseudo intelect?
Dkk
19:40
THE INTERNET WAS A MISTAKE. END IT NOW.
Dkk
19:40
Google AI kept telling me schools were not binding ED when they were. Really annoyed me.
Dkk
19:41
Yeah, when accurate it is nice.
this election has the potential to push america further into ultranationalist populism
Dkk
19:42
Maybe, didnt happen last time.
19:42
it was hard to not improve it. google search was terrible due to the ads and seo cheaters with buzz words and alt text
Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
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