Which term refers to the change of one party in a contract with the consent of the original parties?

The term that correctly refers to the change of one party in a contract with the consent of the original parties is novation. Novation occurs when a new party is introduced to a contract, releasing one of the original parties from their obligations while ensuring that the remaining party agrees to the new arrangement. This process requires the consent of all parties involved, effectively creating a new contract.

This term is distinct from others such as amendment, which involves altering specific terms of a contract without changing the parties involved. Transfer and assignment refer to the process of moving rights or obligations from one party to another, but they do not necessarily require the consent of all original parties and may not release the originating party from future liability. In contrast, novation ensures that the original obligations are fully replaced and that the new party takes over those responsibilities entirely.