What Is the Difference between Novation and Assignment in Contract Law? ⎊ Path

What Is the Difference between Novation and Assignment in Contract Law?

Novation is the replacement of an original contract with a new one, extinguishing the original parties' obligations and introducing a new party (the CCP). Assignment is the transfer of a party's rights or benefits under an existing contract to a third party, but the original party often remains liable for the obligations.

Novation requires the consent of all parties; assignment generally does not.

What Are the Legal Implications of Novation for the Original Buyer and Seller?

What Is “Novation” and Why Is It Fundamental to a CCP’s Function?

How Does Novation Differ from Assignment of a Contract?

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What Is the Legal Effect of Novation on the Original Parties?

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