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LSDefine

Simple English definitions for legal terms

cognovit

Read a random definition: liberal construction

A quick definition of cognovit:

A cognovit is a legal agreement where a defendant admits that the plaintiff's case is true, allowing judgment to be entered without a trial. This saves time and money for both parties. It is often used in commercial loans to help lenders quickly collect debts from borrowers who default on their loans. However, some states prohibit the use of cognovits in certain contracts, and the Supreme Court has ruled that they may be unconstitutional in cases where there is unequal bargaining power between parties.

A more thorough explanation:

A cognovit is a type of confession of judgment that allows a plaintiff to obtain a judgment against a defendant without a trial. The defendant acknowledges the legitimacy of the plaintiff's claim, and judgment is entered to save costs. A cognovit provision is often included in agreements to authorize the entry of judgment against oneself in the event of a breach or default.

  • A lender includes a cognovit provision in a promissory note, allowing them to quickly obtain a judgment and collect the debt if the borrower defaults on the loan.
  • A business owner signs a contract with a supplier that includes a cognovit provision, agreeing to the entry of judgment if they fail to pay for goods received.

These examples illustrate how a cognovit can be used to expedite the process of obtaining a judgment and collecting a debt. By including a cognovit provision in an agreement, the parties can avoid the time and expense of a trial and move directly to the collection phase. However, the use of cognovits in adhesion contracts, where one party has significantly more bargaining power than the other, may be unconstitutional in some states.

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TGM
18:41
not sure if I should email them to say that, or just hold off on sending it and not give an excuse
18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
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