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Simple English definitions for legal terms

marketing covenant

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A quick definition of marketing covenant:

A marketing covenant is a promise made by a company that leases land for oil and gas production. The promise is that the company will sell the oil and gas they produce at a fair price and within a reasonable amount of time. This promise is important because it ensures that the landowner will receive the benefits of the lease agreement.

A more thorough explanation:

A marketing covenant is a promise made by a lessee in a mineral lease to sell the production from the lease within a reasonable time and at a reasonable price. This promise is implied and is part of the agreement between the lessor and the lessee.

For example, if a company leases a piece of land for oil and gas exploration, they are expected to sell the oil and gas they extract from the land within a reasonable time and at a fair price. If they fail to do so, they may be in breach of the marketing covenant.

The marketing covenant is important because it ensures that the lessor receives a fair share of the profits from the production of oil and gas on their land. It also protects the lessee from being forced to sell their production at an unreasonably low price.

marketing contract | marketing defect

General

General chat about the legal profession.

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GodsPlanUltimately

22:47

Rationally that's what I thought but irrationally I was like crying throwing up did I mess it up lol

babycat

22:49

Lol you’re all good

GodsPlanUltimately

22:49

I'm assuming then for status checking eventually that the school emails you that information once LSAC finishes processing?

babycat

22:50

Yep

GodsPlanUltimately

22:50

Thank you ╱|、 (˚ˎ 。7 |、˜〵じしˍ,)ノ

GodsPlanUltimately

22:50

Just stressing because this is my first and only app.

GodsPlanUltimately

22:53

Does the CAS Report send once the school requests it or do I have to send it ?

babycat

23:02

It sends automatically

babycat

23:02

Why only one app?

GodsPlanUltimately

23:06

I'm in a dual degree program that my undergraduate has where if you meet a gpa and percentile you can have your senior year be your L1 ! Cuts off a year of time and money and the partner was my top pick for law anyways. It all just worked out and since it's ED can't really apply anywhere else because the L1 transfers back to complete my degree. :)

babycat

23:14

oh that’s nice! I guess you have a high degree of certainty about the process then

Dkk

0:10

Welcome. About to eat another ghost pepper. @babycat

Dkk

0:24

https://www.youtube.com/shorts/doTlTAKqDKE

Dkk

0:27

God my mouth is burning so much

[] texaslawhopefully

0:45

@babycat: A few things. I mean, for one, this is my fifth year of undergrad (graduating with a dual BA/MA), so I don't think academically I'm incredibly behind or anything. Beyond, that I've explored other fields, and for the very niche area of public interest work I am interested in, law is the only way I can make a substantiative difference so why not start now.

[] texaslawhopefully

0:47

And also my other options just are not great. I could take a shit paying job at a think tank, I was offered a job at, but I don’t find the work interesting. Or I could continue in academia, getting a phd, but again just not especially interested in academic philosophy.

[] texaslawhopefully

0:49

I would say more, but I am very close to doxxing myself if I haven’t already.

Dkk

1:02

5th year at 19. That is amazing.

Dkk

1:02

So you started when you were 14. Wow.

Dkk

1:11

I tried to find you but if still in school, other names pop up first. Do you drink alcohol? If not, you should start drinking to catch up to me. @texas

[] texaslawhopefully

1:13

I started at 15

[] texaslawhopefully

1:13

turning 20 this year

[] texaslawhopefully

1:13

or well very beginning of next year

Dkk

1:15

My best advice is to start learning wine and cocktails asap. Take the introductory and certified sommelier exam as soon as you hit 21.

Dkk

1:16

I could not find you with that information. You are still probably pretty safe. Though I did not use all my search engines or filters.

Dkk

1:20

Gotta beat this guy: https://sommelierbusiness.com/en/articles/insights-1/q-a-with-the-youngest-master-sommelier-toru-takamatsu-354.htm

[] texaslawhopefully

1:21

@Dkk: That is good. Granted I don't think being doxxed would be the end of the world, but who knows.

[] texaslawhopefully

1:21

And, yeah, I have drinken a little bit over the last couple of years (what college student hasn't), but not a massive fan

Dkk

1:24

That is cus college people drink like idiots. I was not a fan at my first college and I did not start drinking until I was 22.5. The art of Sommelier stuff though is less about drinking and more about thought process. Kind of a puzzle like a logic game. Same with cocktails. You will love it if you hate college type drinking.

Dkk

1:25

It's something to do outside of the things you mentioned, it is useful for networking, and it will help you in law school. It will help you find exactly what you want to do in law school.

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