14:50
Whoa someone got Penn WL but Harvard A earlier what the heck
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LSDefine
Simple English definitions for legal terms
ceiling
Read a random definition: beneficial interest
A quick definition of ceiling:
Term: Ceiling
Definition: The ceiling is the top part of a room or area. It's like the roof inside a building. In law, the ceiling is the highest amount of money that can be charged or spent, or the most things that can be made or sold. In a contract, the ceiling is the highest price that can be paid for something. The opposite of the ceiling is the floor, which is the lowest price or level in a contract.
A more thorough explanation:
Definition: The upper or top interior surface of a room or region is referred to as the ceiling. In law, the term "ceiling" refers to the maximum amount of money that can be charged or spent, or the number of goods that can be produced or sold. In a contract, the "ceiling" refers to the highest price or value that can be given under the terms of the agreement. The "floor" refers to the lowest price or level in a commercial agreement.
Example 1: The ceiling of my bedroom is painted white.
Example 2: The government has set a ceiling on the amount of money that can be spent on healthcare.
Example 3: The contract specifies a ceiling price of $100 for the product.
Example 4: The company agreed to a floor price of $50 for the product.
These examples illustrate the different uses of the term "ceiling." In example 1, the term refers to the physical surface of a room. In example 2, it refers to a legal limit on spending. In example 3, it refers to the highest price that can be paid for a product under a contract. In example 4, it refers to the lowest price that can be accepted for a product in a commercial agreement.