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LSDefine

Simple English definitions for legal terms

cognovit

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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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m10
11:58
Nah nah she would not like that. She is conservative.
BulbasaurNoLikeCardio
11:58
Tell her you just got over a cold and if she wants to try and steal your germs its on her but no one likes being sick so hopefully she is chill
m10
11:59
We will see. This is enough feedback. Thank you all.
12:00
tell her you wanna test and see if your immune systems are compatible, that gets the ladies going
m10
12:00
Lol, maybe
babycat
12:00
lmao when you give the republican baddie the ick by masking up
12:01
LOL
Dkk
12:02
Just part of the culture.
BulbasaurNoLikeCardio
12:04
I wish that wearing a mask when sick stuck around as an okay thing like it is in the rest of the world, not all of us have enough sick days to be ditching work.
Dkk
12:04
Unless its like an N95 i dont think it will really do anything
12:04
there's even a mask ban in some places. altho one of my coworkers wears a mask anyway despite customers being rude to her about it
12:05
good morning
12:05
why does umiami ask "Are you applying, or have you applied, to other law schools? If so, please list them."
BulbasaurNoLikeCardio
12:05
One manager came in sick wearing a mask, got roasted and stopped wearing it that day. The entire office has been cycling sickness for two weeks now. It may not be super effective but it may help in slowing the spread during meetings when we have to be so close
12:05
am i the only one who has never gotten my status checker to work on here?
BulbasaurNoLikeCardio
12:06
@ChowieBean: want to see what schools they share an applicant pool with, think it is all data harvesting stuff no a +/- for the applicant
12:06
ok good cuz idk whether i wanna tell them or not
12:06
thanks bulbasaur
12:08
not to be that guy again but berkeley person/applicant id is back and Shiny New Logo
be that guy
EW THE NEW LOGO IS SO UGLY
WTF
12:09
need to send in my berkeley app rawwwww
BulbasaurNoLikeCardio
12:09
@ChowieBean: should be required to tell them, the schools who asked I only told them the schools in their area not all of them.
BulbasaurNoLikeCardio
12:10
*shouldnt be
12:12
@jackfrost11770: if i get a berk A today and they have that logo im withdrawing (/s /s /s /j /j /j)
babycat
12:12
@ChowieBean: me too lol. you applying to public interest scholars program?
12:14
yes def applying public interest
12:16
i was raised like blocks away from umiami
12:16
idk if i wanna go back to florida tho so im applying there as safety/target 💀
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