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Simple English definitions for legal terms

economic-out clause

Read a random definition: ubi supra

A quick definition of economic-out clause:

An economic-out clause, also known as a market-out clause, is a provision in a contract that allows a buyer to lower the purchase price of a product, such as natural gas, if market conditions make it too expensive to continue buying at the agreed-upon price. This clause also allows the seller to either accept the lower price or cancel the contract altogether. Market-out clauses often refer to competing fuels, like fuel oil.

A more thorough explanation:

An economic-out clause, also known as a market-out clause, is a provision in a contract that allows a purchaser to lower the purchase price if market conditions make it uneconomical to continue buying at the contract price. This clause is commonly used in the oil and gas industry.

For example, if a pipeline-purchaser of natural gas has a contract to buy gas at a certain price, but the market price of gas drops significantly, the economic-out clause would allow the purchaser to renegotiate the contract price to reflect the new market conditions. The well owner would then have the option to accept the lower price or cancel the contract.

Market-out clauses can also refer to competing fuels such as fuel oil. This means that if the price of fuel oil drops significantly, the purchaser may be able to renegotiate the contract price for natural gas.

Overall, economic-out clauses provide flexibility in contracts and allow parties to adjust to changing market conditions.

economic obsolescence | economic-realities test

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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
almost all of my apps have been UR for 6 weeks at this point I feel exhausted waiting for them to finish
Irvine is being snobby and wont start any review until end of Nov.
Yeah, it’s tough. I’m distracting myself by playing good video games after work :)
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
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