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Novation vs Undefined - What's the difference?

novation | undefined |

As a noun 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.

As an adjective undefined is

lacking a definition or value.

novation

English

(wikipedia novation)

Noun

(-)
  • (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.

    • Related terms

    * novate * novatio

    undefined

    English

    Adjective

    (wikipedia undefined) (-)
  • Lacking a definition or value.
  • (mathematics, computing) That does not have a meaning and is thus not assigned an interpretation.
    • The result of division by zero is undefined .

    Antonyms

    * defined