Wreck Free - Law Dictionary Search Results
Home Dictionary Name: wreck freeWreck-free
Wreck-free, exemption from the forfeiture of shipwrecked goods and vessels, which the Cinque Ports enjoy by a charter of Edward I, Jac. Law Dict....
Abandonment
Abandonment [fr. Abandonner, Fr.], the relinquish-ment of an interest or claim.Means the relinquishing of a right or interest with the intention of never again claiming it. In the context of contracts of the sale of land, courts sometimes use the term abandonment as if it were synonymous with rescission, but the two should be distinguished. An abandonment is merely the acceptance by one party of the situation that a non-performing party has caused. But rescission due to a material breach by the other party is termination or discharge of the contract for all purposes., Black Law Dictionary, 7th Edn., p. 1.The relinquishment by an assured person to the assurers of his right to what saved out of a wreck, when the thing insured has, by some of the usual perils of the sea, become practically valueless. Upon abandonment, the assured is entitled to call upon the assurers to pay the full amount of the insurance, as in the case of a total loss. The loss is in such case called a 'constructive to...
- << Prev.
- Next >>