Novation vs Variation - What's the difference?
novation | variation |
(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 act of varying; a partial change in the form, position, state, or qualities of a thing
* {{quote-magazine, year=2013, month=May-June, author=
, title= A related but distinct thing.
(nautical) The angular difference at the vessel between the direction of true north and magnetic north. Also called magnetic declination.
(board games) A line of play that differs from the original.
(music) A technique where material is repeated with alterations to the melody, harmony, rhythm, timbre, texture, counterpoint or orchestration; but with some invariant characteristic, e.g. a ground bass.
In lang=en terms the difference between novation and variation
is that novation is a new contract between the original contracting parties whereby the first obligation is extinguished and a new obligation is substituted while variation is a technique where material is repeated with alterations to the melody, harmony, rhythm, timbre, texture, counterpoint or orchestration; but with some invariant characteristic, e.g. a ground bass.novation
English
(wikipedia novation)Noun
(-)variation
English
(wikipedia variation)Noun
(en-noun)David Van Tassel], [http://www.americanscientist.org/authors/detail/lee-dehaan Lee DeHaan
Wild Plants to the Rescue, volume=101, issue=3, magazine=(American Scientist) , passage=Plant breeding is always a numbers game.
