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Simple English definitions for legal terms

Gresham's law

Read a random definition: transfer-on-death (TOD)

A quick definition of Gresham's law:

Gresham's Law: The idea that bad things can push out good things. For example, if people start using fake money instead of real money, the real money might disappear because no one wants to use it anymore. This idea is named after Sir Thomas Gresham, but other people talked about it before him.

A more thorough explanation:

Gresham's Law is an economic principle that states that inferior products or practices tend to replace superior ones. This principle is often attributed to Sir Thomas Gresham, although earlier writers like Oresme and Copernicus also discussed it.

One example of Gresham's Law is the use of counterfeit money. If counterfeit money is circulated in an economy, people will tend to hoard the real money and use the counterfeit money instead. This is because the counterfeit money is inferior to the real money, but it is easier to obtain and use.

Another example is the use of low-quality materials in manufacturing. If a company uses low-quality materials to make a product, the product may be cheaper to produce, but it will be of lower quality than a product made with higher-quality materials. Consumers may choose to buy the cheaper, lower-quality product instead of the higher-quality one, leading to the displacement of the superior product.

These examples illustrate how inferior products or practices can displace superior ones, even if the inferior ones are of lower quality or value.

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ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
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
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
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??
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
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.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
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
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
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
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