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LSDefine

Simple English definitions for legal terms

substituted agreement

Read a random definition: reconvention

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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18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
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hey yall
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im premed idk why im here
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we’re like cool and sexy and fun I get it
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true i love ur user
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thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
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