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Simple English definitions for legal terms

loan for use

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A quick definition of loan for use:

A loan for use is when someone lends something to another person, and the borrower must use it the way it's supposed to be used and return it when they're done. There's no extra charge for borrowing it.

A more thorough explanation:

A loan for use is an agreement between a lender and a borrower where the lender gives an asset to the borrower to use for a specific purpose or according to the agreement. The borrower must return the asset when they are finished using it, and no interest is charged.

A friend lends you their lawnmower for the weekend so you can mow your lawn. This is a loan for use because your friend expects you to return the lawnmower when you are finished using it.
A library lends you a book to read. This is also a loan for use because the library expects you to return the book when you are finished reading it.

Both of these examples illustrate a loan for use because the lender is giving the borrower an asset to use temporarily, and the borrower is expected to return the asset when they are finished using it. Additionally, no interest is charged in either scenario.

loan for exchange | loanland

General

General chat about the legal profession.

General >T14 Off Topic

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jackfrost11770

13:49

HI WASPY :)

VolatileClumsyAcolyte

13:49

probably my WE and softs. Do reapplicants have lower chances at admissions? I've read few negative things but I dont wanna like poison my brain with those lol.

VolatileClumsyAcolyte

13:49

Also, do i have to write new personal statements if i reapply?

KnowledgeableRitzyWasp

13:51

hi jack :)

KnowledgeableRitzyWasp

13:51

calling dean cooper as we speak to get you an A

KnowledgeableRitzyWasp

13:53

you do have to write new personal statements but applicants aren’t disfavored

KnowledgeableRitzyWasp

13:53

especially if you’re reapplying with a higher lsat

VolatileClumsyAcolyte

13:53

@KnowledgeableRitzyWasp: i just looked at your stats and do not take this the wrong way in any way but how the hell did nyu or cls not take you. this is insane

VolatileClumsyAcolyte

13:53

178 lsat is a crazy work dude

KnowledgeableRitzyWasp

13:55

i had a silly guy era and had two years of withdrawn classes. like 15 total, so a lot of schools were not willing to take a chance on me

soap

13:55

If you're already on the WL when you get a higher LSAT, are you already cooked?

VolatileClumsyAcolyte

13:56

their loss lol. any tips for LSAT LR? I used 7sage and kinda hated it. I have Loophole that I plan on using whenever I retake lsat probably in summer

KnowledgeableRitzyWasp

13:58

@soap: you are more cooked than if you were not already waitlisted, but you are not completely cooked and raising your lsat is the strongest thing you can do for a WL

soap

13:58

Volatile, I always do the hardest ones first, so that you get the most challenging questions out of the way and make it get easier as you proceed. Also, read the answer choices before reading the question.

soap

13:58

Man if I get above 175 and end up not getting into any t14s I'll laugh

KnowledgeableRitzyWasp

13:59

@VolatileClumsyAcolyte: biggest tip that will get you a few points is that the LSAT doesn’t actually use “most correct” like it claims. there’s actually only ever one right answer and every other answer will be excluded by one rule of logic or another. so only one answer will ever be completely correct

VolatileClumsyAcolyte

13:59

is there like a cheat sheet or a study guide type of thing for specific forms of questions? I remember I struggled the most with NA/SA/PSA

KnowledgeableRitzyWasp

13:59

@soap: if you get above a 175 you should just reapply because you’d probably be competitive for penn nyu and cls at that point with scholly money

VolatileClumsyAcolyte

14:00

I scored 156 on my first LSAT in August, I cancelled that and retook it immediately in September and got 163. Do yall think I can cross into 170's if I start studying from like january to summer

VolatileClumsyAcolyte

14:00

because i've heard that any score increase after 165 is just as hard as from 145 to 160

soap

14:01

I've been told by my parents that I cannot reapply because I have the full ride to UMN and so I better take whatever I can get lol

texaslawhopefully

14:01

I’m going to have to disagree with soap on the point of doing the hardest questions first. I think it’s just a general waste of time to over complicate your strategy. You’re going to have do all the questions anyone. Ignore the clock and focus on one question at a time.

KnowledgeableRitzyWasp

14:01

@VolatileClumsyAcolyte: it gets harder to increase your score as you go up, but if you work hard and consistently work on your mistakes it’s entirely possible you break 170

VolatileClumsyAcolyte

14:01

got it thank u guys

KnowledgeableRitzyWasp

14:01

@soap: lol oh well just get top 10% a umn and then transfer to harvard because you come from a grade deflated undergrad and law school will be easy for you

soap

14:02

I think the order in which you do questions is a matter of personal preference. In PTs I've always scored better doing the hardest ones first, but that's just because it reduces the stress personally lol

soap

14:02

I guess since I'm paying for all this anyhow I could just wait and reapply lmao

texaslawhopefully

14:03

Yeah soap if you get a 175+, I would 100 percent reapply

KnowledgeableRitzyWasp

14:03

hahahahah sure if you’re set on t14 it’s entirely attainable for you

texaslawhopefully

14:03

If your parents aren’t helping at all, they don’t have much of a say

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