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Novation is a concept in business law that refers to the replacement of an existing contract with a new one, either by substituting a new party, changing the terms of the contract, or both, while extinguishing the original obligation. In a novation, the original contract is discharged, and a fresh contract comes into existence, which is legally enforceable. This ensures that the __________ ____ _____ _________ _____ __________ ___ _________ _________ ____ ______ ____.
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