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baddestbunny
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Simple English definitions for legal terms
quanti minoris
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A quick definition of quanti minoris:
Term: QUANTI MINORIS
Definition: Quanti minoris is a legal term that means a reduction in price. It is used when a buyer has agreed to purchase something at a certain price, but later discovers that the item is worth less than what they agreed to pay. The buyer can then ask for a reduction in price, which is known as quanti minoris. This term is often used in contract law and can help protect buyers from overpaying for goods or services.
A more thorough explanation:
QUANTI MINORIS
Quanti minoris is a legal term that means "for how much less." It is used in situations where a buyer has agreed to purchase something at a certain price, but later discovers that the item is worth less than the agreed-upon price. The buyer can then sue the seller for the difference in value, or the "how much less" the item is worth.
For example, if a buyer agrees to purchase a car for $10,000, but later discovers that the car has significant mechanical issues that decrease its value to $8,000, the buyer can sue the seller for quanti minoris, or the $2,000 difference in value.
Another example would be if a buyer agrees to purchase a piece of land for $100,000, but later discovers that the land has environmental issues that decrease its value to $80,000, the buyer can sue the seller for quanti minoris, or the $20,000 difference in value.
These examples illustrate how quanti minoris is used in legal situations where a buyer has agreed to purchase something at a certain price, but later discovers that the item is worth less than the agreed-upon price. The buyer can then sue the seller for the difference in value, or the "how much less" the item is worth. This legal term helps protect buyers from being taken advantage of in transactions where the seller may not disclose all relevant information about the item being sold.