NOVATION, WAY OF MODIFYING THE LIABILITIES – THEORETICAL AND PRACTICAL ASPECTS

Abstract

Although largely treated by the scholars in their writings, the novation is not a common practice in the Romanian juridical area. As a definition, the novation represents that juridical mechanism through which the parties of an agreement decide to replace a pre-existent valid liability with a new liability, by observing certain conditions. The purpose of this paper is, mainly, to highlight the amendments brought by the New Civil Code and to explain their impact on the operation under discussion.

Keywords

• New Civil Code
• novation
• modify
• liability
• parties
• agreement