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LSDefine

Simple English definitions for legal terms

Material

Read a random definition: commodatum

A quick definition of Material:

Material: Important information that can significantly impact a situation. It can be used in different areas such as law, contracts, and securities fraud. For example, in a court case, a material fact is a crucial piece of information that must be decided by a judge or jury. In contract law, a material breach means that one party failed to meet their obligations significantly enough to warrant a remedy. In securities fraud, any misrepresentation must be significant enough to give rise to liability.

A more thorough explanation:

Definition: Material means important information that is significant enough to determine an issue. It can be used in various contexts:

  • Civil Procedure: A general issue of material fact refers to an actual, plausible issue of fact that must be decided by a jury or judge. This issue is relevant and consequential, and it precludes summary judgment.
  • Evidence Law: Relevant evidence must be material, meaning it influences the determination of the action and is probative, meaning it has a tendency to make a fact more or less probable. For example, issues affecting a witness’ credibility are generally always relevant and material because if their testimony cannot be believed, then the development of facts will be significantly altered.
  • Contract Law: Material refers to an event that significantly impacts the parties’ expectations under the contract. For example, a material breach of contract refers to a court finding that a party failed to satisfy their obligations significantly enough to where the aggrieved party is entitled to a remedy.
  • Securities Fraud: Any misrepresentation must be material to give rise to liability. The test for whether a company’s decision not to disclose an event was material is a balance of the probability that the event would have occurred and the magnitude of the event. Qualitative considerations include whether the fact related to a significant aspect of the company’s business, whether it masked a change in earnings or trends, whether it impacted managerial compensation, or whether there was a market reaction to eventual disclosure.

For example, in a contract between two parties, if one party fails to fulfill their obligations significantly enough to where the other party is entitled to a remedy, it is considered a material breach of contract. In securities fraud, if a company fails to disclose an event that would have significantly impacted their business, it is considered a material misrepresentation.

Master Trust | Material Witness

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
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
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