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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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lilypadfrog
20:31
that seems crazy #tome
texaslawhopefully
20:32
No, at least from the two people I know there that’s false. I think it’s just something like Chicago for conservatives is on par with S whereas for liberals it’s below HYS but above CCNP
texaslawhopefully
20:32
I mean I think even the student body there only like 15 percent is part of fedsoc
ImpartialLion
20:32
It's more just not a good # for people who aren't willing to clerk conservative. I'm sure they place liberal clerks at an above average rate for a t-6 though. Maybe higher (not entirely sure)
texaslawhopefully
20:34
Page 14 has ideological splits by school: https://scholar.harvard.edu/files/msen/files/law-prof-ideology.pdf
texaslawhopefully
20:35
Chicago/UVA are more to the right but not by an exceedingly large difference
lilypadfrog
20:36
I feel like UVA doesn’t have that reputation the way Chicago does. That’s interesting. Thanks tex
windyMagician
20:37
yeah I've heard about uva being conservative
siroracle
20:48
Yeah it’s only 75 percent lib that’s pretty terrifying
Dkk
20:53
lmfao
llama
20:59
@siroracle: funny cause true
KnowledgeableRitzyWasp
20:59
@siroracle: don't you have a bridge to be under?
KnowledgeableRitzyWasp
21:00
shouldn't you be collecting tolls
llama
21:00
trolololol
atwatodbit
21:04
anyone know much about mich clerking
atwatodbit
21:05
ive tried to learn more about it but its hard to cut through stuff. numbers wise they look good?
llama
21:05
https://docs.google.com/spreadsheets/d/1jTv6iNl9_kfTVbDdIw4ml-CeKWOkeWtArYhhuj1-8U8/edit?usp=sharing 13.7
llama
21:06
this website is a good research tool for outcomes: https://app.lawhub.org/schools
atwatodbit
21:06
@llama: thanks!
llama
21:06
yah
Dkk
21:10
Anyone else read the Antioch shooters manifesto today. Pretty crazy stuff.
Dkk
21:10
https://x.com/TheManlet_King/status/1882180191851774268
llama
21:14
sad
YRDSL
21:31
@texaslawhopefully: it's pretty funny how even in law journal articles people can't stop confusing Penn with Penn State
texaslawhopefully
21:40
lmfao I didn't even notice that
llama
21:42
Yeah to penn Carey students I’m sure that is a
llama
21:42
Those are fighting words
info-man
21:46
@Dkk: one of the most deranged documents i've ever had the displeasure of reading
lilypadfrog
22:03
sometimes I go into fight or flight mode until I get all my work done
CurvyHypnoticSheepdog
22:13
i call that locking in
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