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n business, law, there are situations where two parties can have an agreement and transact. However, one party may fail to fulfil the conditions of the agreement to the later. At this point, a third party, who is not a part of the agreement from the start, may come in and stand in for one of the two parties who has failed to meet the conditions of the agreement. This, however, only happens with the consent of both two initial parties. When such a transaction happens, it is referred to as a novation transaction.
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Law Assignment
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