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Simple English definitions for legal terms

contingent debt

Read a random definition: civil marriage

A quick definition of contingent debt:

Contingent debt is a type of debt that is not fixed yet, but it may become fixed in the future if a certain event happens. For example, if a company promises to pay a bonus to its employees if it reaches a certain profit level, that bonus is a contingent debt until the company actually achieves that profit level. It's like a "maybe debt" that depends on something happening first.

A more thorough explanation:

Contingent debt is a type of debt that is not currently fixed, but may become fixed in the future if a certain event occurs. For example, if a company agrees to pay a bonus to an employee if they meet certain performance goals, that bonus would be considered a contingent debt until the goals are met.

Another example of contingent debt is a loan that is only repayable if a certain event occurs, such as the sale of a property. Until the property is sold, the loan is considered a contingent debt.

Contingent debt is different from other types of debt, such as fixed debt, which has a set repayment schedule and interest rate. With contingent debt, the terms of the debt are not yet determined, and may depend on future events.

contingent claim | contingent demand

General

General chat about the legal profession.

General >T14 Off Topic

👍 Chat vibe: 0 👎

Ratratta

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

JazzyGazelle

23:35

guys. my notre dame address just went long is this good or bad

1a2b3c4d26z

23:37

Oooooo me too

JazzyGazelle

23:37

omg is this good or bad

Dkk

23:47

Idk if gender roles are gunna fix that then.

JazzyGazelle

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??

180SupremeWarrior

23:53

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

JazzyGazelle

0:59

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.

jackfrost11770

5:37

good morning lsd it is 5 am EST

jackfrost11770

5:37

also jazzy my ndls address went long ages ago i sadly do not think it means anything

jackfrost11770

5:38

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

Manysko

7:55

@WorthlessAttractiveZombie: mine did yesterday morning

Manysko

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

HowlEngineer

8:57

Minus those random R decisions from UMN yesterday though right? I wonder what happened there. I don’t think I’ve seen a school start the season out with anything but As on here

TheAdoptedOne

9:02

almost all of my apps have been UR for 6 weeks at this point I feel exhausted waiting for them to finish

TheAdoptedOne

9:02

Irvine is being snobby and wont start any review until end of Nov.

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