Novation vs Undefined - What's the difference?
novation | undefined |
(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.
Lacking a definition or value.
(mathematics, computing) That does not have a meaning and is thus not assigned an interpretation.
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
(-)undefined
English
Adjective
(wikipedia undefined) (-)- The result of division by zero is undefined .