Assumption Clause - Law Dictionary Search Results
Home Dictionary Name: assumption clauseassumption clause
assumption clause a provision in the terms of a loan that allows the buyer to take legal responsibility for the mortgage from the seller. Source: U.S. Department of Housing and Urban Development ...
Assumption clause
Assumption clause, means a mortgage provision that prohibits another from assuming the mortgage without the permission of the mortgagee. A provision by which the transferee of an instrument agrees to assume an obligation of the transferor, Black Law Dictionary 7th Edn., p. 121....
assumption of risk
assumption of risk :a doctrine that a person may in advance relieve another person of the obligation to act towards him or her with due care and may accept the chance of being injured ;also : an affirmative defense that the plaintiff cannot receive compensation for injuries from the defendant because the plaintiff freely and knowingly assumed the risk of injury and relieved the defendant of the obligation to act with reasonable care compare contributory negligence at negligence, volenti non fit injuria NOTE: Assumption of risk may be express or may be implied from the plaintiff's words and actions. Assumption of risk has been abolished in certain types of cases, such as workers' compensation cases. ...
Assumption
Assumption, means a fact or statement taken for granted; a supposition e.g. a logical assumption. The act of taking (esp. someone else's debt or other obligation) for or on oneself; the agreement to so take e.g. assumption of a debt, Black Law Dictionary 7th Edn., p. 120....
Assumption of the risk
Assumption of the risk, means the act or an instance of a prospective plaintiff's taking on the risk of loss, injury, or damage e.g. the skydiver's assumption of the risk, Black Law Dictionary 7th Edn., p. 121....
Clause
Clause, means a clause the article in which the ex-pression occurs. [Constitution of India, Art. 366(5)]A distinct section or provision of a legal documentor instrument, Black's Law Dictionary, 7th Edn., p. 243.Clauses, means a series of numbered parts into which a Bill is divided; a descriptive title is printed in the margin of each clause, Parliamentary Practice; Erskine May, 22nd Edn., 1997, p. 463The main clauses of a bill in the Indian Parliament are: (i) Extent clause, (ii) Commencement clause, (iii) Definition clause, (iv) Rule making clause etc., Practice and Procedure by Parliament, M.N. Kaul & S.L. Shakdher, 5th Edn., 2001, p. 537....
Lands Clauses Consolidation Act, 1845, (English)
Lands Clauses Consolidation Act, 1845, (English) (8 & 9 Vict. C. 18), amended by 23 & 24 Vict. C. 106, and 32 & 33 Vict. c. 18, applicable to England and Ireland, the Public Act of Parliament whereby railway companies and other public bodies, authorised by special Act of Parliament to take the land of individuals for the purpose of such special Act, enter upon and make compensation for the land. Ss. 3 and 5 apply this general Act to every undertaking established by any special Act passed after its date by which the purchase or taking of lands for such undertaking is authorised and incorporate the general Act with such special Act except when or in so far as it is expressly excluded.The (English) Acquisition of Land (Assessment of Compensation) Act, 1919 (15 & 16 Geo. 5, c. 59), varied the principles of compensation provided by the Lands Clauses Acts upon compulsory purchase by a Government Department or a local or public authority, inter alia, compensation under the Act of 1919, is to ...
ipso facto clause
ipso facto clause : a clause in an agreement stipulating the consequences (as termination of a lease or acceleration of a payment) of the insolvency of one of the parties called also bankruptcy clause ipso facto bankruptcy clause NOTE: An ipso facto clause is invalid under the Bankruptcy Code because a trustee is not bound by any provision or applicable law that is conditioned on the debtor's insolvency. ...
penalty clause
penalty clause 1 : a clause (as in a contract) that calls for a penalty to be paid or suffered by a party under specified terms (as in the event of a breach) and that is usually unenforceable NOTE: A penalty clause differs from a liquidated damages clause by not being tied to an estimate of possible actual damages. 2 : a clause in a statute or judgment that sets forth a penalty for a specific act or omission (as failure to make a support payment on time) ...
Continuation clause
Continuation clause. In English time policies it has been usual to provide by a clause attached to the policy, called the continuation clause, that if at the end of the period of insurance the ship is at sea, the insurance may be extended until her arrival at some port, Arnould's Marine Insurance, 8th Edn. P. 570. The Finance Act, 1901, (1 Edw. 7, c. 7), s. 11,provides that a policy of sea insurance shall not be invalid on the ground only that by reason of such a clause it may become available for a period exceeding twelve months, and a continuation clause is for this purpose defined as an agreement to the effect that in the event of the ship being at sea or the voyage otherwise not completed on the expiration of the policy, to subject-matter of the insurance shall be held covered until the arrival of the ship, or for a reasonable time thereafter not exceeding thirty days....
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