novation

noun | \ nō-ˈvā-shən \ | no·va·tion

1. : the substitution by mutual agreement of one obligation for another with or without a change of parties and with the intent to extinguish the old obligation no evidence that the contract was assigned, or that there was a novation —Boccardi v. Horn Constr. Corp., 612 N.Y.S.2d 180 (1994) — compare accord 3, substituted contract at contract