GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW) | ||||||
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17:18 Dec 21, 2005 |
Italian to English translations [PRO] Law/Patents - Law (general) | |||||||
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| Selected response from: Michael Pawlik Local time: 09:44 | ||||||
Grading comment
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Summary of answers provided | ||||
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3 +2 | novation |
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4 | releasing assumption |
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3 | Discharge of contractual debts |
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releasing assumption Explanation: ............ |
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novation Explanation: "Assumption of liability is not novation, unless there concur the consent of the one party to accept the substitute in lieu of the other party to the original contract, and a discharge of the latter. There must be consent by the creditor to take the new debtor as his sole security and to extinguish the claim against the former. Such consent is not to be implied merely from the performance of the contract by the substitute, for that might well consist with the continued liability of the original . . . ." In other words, assumption is to be distinguished from substitution or novation, which imply release of the original debtor. Reference: http://caselaw.lp.findlaw.com/cgi-bin/getcase.pl?court=6th&n... |
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