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Take the place of the others was agreed upon

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Reference no: EM132532611

A owed C P500 and P3,000 evvidenced by two promissory notes. Later, a new loan of P300 was obtained. By express agreement, the three debts were consolidated into one promissory note for P3,800 (P500 plus P3,000 plus P300). That the last promissory note was to take the place of the others was agreed upon. Is there novation here?

Reference no: EM132532611

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