Novation vs Novelty - What's the difference?
novation | novelty |
(legal) Replacement of a contract with one or more new contracts, in particular in financial markets the replacement of a contract between a particular buyer and seller with contracts between the clearing house and each party.
* Netting by novation will occur immediately upon registration of the transaction in the SCM's name. — London Clearing House submission to the CFTC [http://www.cftc.gov/opa/press98/opa4163-98-att.htm]
(legal) A new contract between the original contracting parties whereby the first obligation is extinguished and a new obligation is substituted.
* An example of a novation is where an original debt which was payable in two instalments is novated to become payable in five installments.
The state of being new or novel; newness.
* {{quote-news
, year=2012
, date=May 24
, author=Nathan Rabin
, title=Film: Reviews: Men In Black 3
, work=The Onion AV Club
A new product; an innovation.
* 1748 . David Hume. Enquiries concerning the human understanding and concerning the principles of moral. London: Oxford University Press, 1973. § 10.
A small mass-produced trinket.
In novelty theory, newness, density of complexification, and dynamic change as opposed to static habituation.
As nouns the difference between novation and novelty
is that novation is (legal) replacement of a contract with one or more new contracts, in particular in financial markets the replacement of a contract between a particular buyer and seller with contracts between the clearing house and each party while novelty is the state of being new or novel; newness.novation
English
(wikipedia novation)Noun
(-)novelty
English
Noun
(wikipedia novelty)citation, page= , passage=Men In Black 3 lacks the novelty of the first film, and its take on the late ’60s feels an awful lot like a psychedelic dress-up party, all broad caricatures and groovy vibes.}}
- Reconciling profound enquiry with clearness, and truth with novelty .
