8 letters · 11 points in Scrabble
noun (law) the replacement of one obligation by another by mutual agreement of both parties; usually the replacement of one of the original parties to a contract with the consent of the remaining party
originBorrowed from Latin novātiō (“a renewing, rennovation”), from novō, from novus (“new”). Compare novel, novelty.
Etymology from Wiktionary, CC BY-SA 3.0