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Simple English definitions for legal terms

pay-or-play contract

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A quick definition of pay-or-play contract:

A pay-or-play contract is an agreement between two or more parties that creates obligations that must be followed. If one party fails to fulfill their obligations, they must pay a penalty. The contract can be in writing or verbal, but it is important to understand that the rules of the contract are what matter, not the physical document itself.

A more thorough explanation:

A pay-or-play contract is a type of agreement between two or more parties that creates enforceable obligations. In this type of contract, one party agrees to either pay a specified amount or perform a specific action, while the other party agrees to either accept the payment or allow the action to be performed.

For example, a musician may sign a pay-or-play contract with a concert promoter. The contract may state that the musician will receive a specified amount of money for performing at the concert, regardless of whether the concert is successful or not. Alternatively, the contract may state that the musician must perform at the concert, and if they do not, they must pay a specified amount to the promoter.

Another example of a pay-or-play contract is in the film industry. A studio may sign a contract with an actor that requires them to either perform in a specified number of films or pay a penalty if they do not.

These examples illustrate how a pay-or-play contract creates enforceable obligations for both parties. The contract specifies what each party must do, and if they do not fulfill their obligations, there are consequences. This type of contract is commonly used in industries where there is a high level of uncertainty or risk, such as the entertainment industry.

payor bank | payout period

General

General chat about the legal profession.

General >T14 Off Topic

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TheAdoptedOne

11:21

imagine if it was like Berkley applications

1a2b3c4d26z

11:22

Election status: Complete

1a2b3c4d26z

11:22

For months

triplethread

11:23

erection day

TheAdoptedOne

11:23

https://www.reddit.com/r/lawschooladmissions/comments/1gixhib/berkeleys_application_is_snobby_af/

soapy

11:23

Shoutout to Robinhood's election bet not resolving until January

triplethread

11:23

is anyone else like certain that trump will win

ambitiouslizard

11:23

he aint winning

triplethread

11:23

i like being a pessimist

ambitiouslizard

11:24

he lost his re-election, why would he win this one?

1a2b3c4d26z

11:25

I have no idea why people have so much beef w berkeley's app

ClockworkBlue

11:25

I've been reading a bit about "herding," which is this idea that pollsters are making the race look tied so they look right no matter who wins.

1a2b3c4d26z

11:26

Like... it's a more involved app but you don't have to do it? They're clearly trying to have some self-selection go on

TheAdoptedOne

11:28

I 100% agree with the self selection, I also am not even close to touching the medians there. However I think the huge PS plus the video and especially the very specific criteria for the why Berkeley essay is pretty crazy

ClockworkBlue

11:31

I'm curious, how bold can one be in those videos? Is it worth making a satirical Jason Statham-action short if the adcoms have no sense of humor?

KnowledgeableRitzyWasp

11:33

the more risk you take the higher chance of it backfiring

TheAdoptedOne

11:33

my instinct would be low humor bc if they have such a complex application I would feel hesitant to use a major part of it as a joke. They clearly take their admissions seriously and a joke video might convey the wrong thing at the wrong time. I think that humor is best put into a PS anecdote where it adds some shine to your personality

KnowledgeableRitzyWasp

11:33

safe is always better

ClockworkBlue

11:34

All good points

triplethread

11:34

@TheAdoptedOne: amazing

ClockworkBlue

11:35

I almost did one for Vanderbilt and my idea was to do a documentary-style vid where I and others talked about me like it was an ESPN 30 for 30.

1a2b3c4d26z

11:36

I was risky in maybe one or two of my essays in that some parts read as slightly humorous, but I really tried to suss out the vibe for each school. I feel like Berk and UMich may be more accommodating of a more "out there" approach than other schools I applied to

1a2b3c4d26z

11:37

but that's literally just going off vibes

TheAdoptedOne

11:37

it looks like Berk vid is in response to a known prompt. My thinking is it may be a counter to AI by getting people to have to respond to what is essentially an essay prompt but on video

TheAdoptedOne

11:38

"I think really it’s more the USNWR change that emphasizes employment outcomes in school rankings. Schools want to admit people who have the skills to be more likely to land great jobs even more than before, and being a good interviewer is a very important for that. They want to see you have the soft skills." from a reddit comment

1a2b3c4d26z

11:38

One funny thing when talking to lawyers at work is that they will always say how they wish more law schools had interviews to make sure you can like... talk to people and form sentences

TheAdoptedOne

11:41

getting lunch no one say anything funny or do anything cool for 15 mins

triplethread

11:43

my dick fell off

ClockworkBlue

11:43

Trump dropped out of the race

TheMidwestMonger

11:46

Any chance Notre Dame releases earlier this year?

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