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Simple English definitions for legal terms

cognovit

Read a random definition: Washington Case-Law

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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ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
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