Re: business law

novation is the renewal/ alteration/ change of the previous contract on the same issues/facts.

essential requirement is the consent and agreement of both parties

for further details please see the book of contract law.

Re: business law

Novation is the substitution of a contract with another new contract, acceptable to both contracting parties, or the unilateral change or forbearance of the conditions by one party and the acquience of the otehr party.