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LSDefine

Simple English definitions for legal terms

contingent claim

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A quick definition of contingent claim:

A contingent claim is a type of claim that is dependent on a future event that may or may not happen. It is not yet due for payment and may never be paid. For example, if someone buys a lottery ticket, they have a contingent claim to the prize money if they win. However, if they don't win, the claim is never paid. It is like having a promise that may or may not be kept.

A more thorough explanation:

A contingent claim is a type of claim that is dependent on a future event that may or may not happen. It has not yet accrued and is uncertain.

  • A person who has a life insurance policy that pays out only if they die before a certain age has a contingent claim.
  • A company that has a contract to receive payment only if they complete a project by a certain date has a contingent claim.

These examples illustrate how a contingent claim is dependent on a future event. The person with the life insurance policy may live past the age limit, and the company may not complete the project on time, so they may not receive payment.

contingency with a double aspect | contingent debt

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im distracting myself by schizo-scrolling r/lawschoolamissions and every conceivable data point on this godforsaken website
it is not working
Haaa I naturally want to do that too. I’m trying to stop. They need a surgeon general’s warning on this site for perspective law students
i spend more time on here then anything else trying to rationalize that the waves from last year will match waves for this year (they won't) and that the stats of people with the same stats are indicative of my own (they aren't)
There aren't many people in my stat range so I pretty much know every result in my range after being on here for a few years
9:28
congrats on the 172 bruce
go dawgs fr
9:29
roll tide
do we foresee a fordham election day wave today (i'm delusional)
WorthlessAttractiveZombie
9:31
I think so, Jack
9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
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