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Simple English definitions for legal terms

reject, assume or

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A quick definition of reject, assume or:

Term: REJECT, ASSUME OR

Definition: When someone declares bankruptcy, they may have contracts or leases that are still in effect. They have a choice to either keep these contracts or leases (assume) or get rid of them (reject). They have to make this decision within a certain amount of time, depending on the type of bankruptcy they filed. The rules for making this decision are explained in a law called the Bankruptcy Code.

A more thorough explanation:

Reject, assume or is a term used in bankruptcy law. It refers to the decision made by a debtor-in-possession or a trustee to either accept or reject an executory contract or an unexpired lease within a specific period of time. The decision depends on the chapter of the Bankruptcy Code under which the case is proceeding and the subject matter of the contract.

The process, timing, and consequences of the election are outlined in 11 USCA § 365.

For example, if a company that rents office space files for bankruptcy, it may have to decide whether to assume or reject the lease for the office space. If the company assumes the lease, it must continue to pay rent and fulfill its obligations under the lease. If it rejects the lease, it can vacate the office space and stop paying rent.

Another example is if a debtor-in-possession has a contract with a supplier for goods or services. The debtor-in-possession must decide whether to assume or reject the contract. If it assumes the contract, it must continue to pay for the goods or services. If it rejects the contract, it can stop receiving the goods or services and may have to pay damages to the supplier.

These examples illustrate how the decision to reject, assume or can have significant consequences for both the debtor-in-possession and the other party involved in the contract or lease.

rei suae providus | rejecting

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14:29
yes it is the key to immortality
TheMidwestMonger
14:29
Sorry, I meant the far right and their reaction lol
I live in alabama if she wins it's gonna be crazy here
14:30
same as last time whine that it was rigged go to court lose every time
good thing im bouncing next year
oh yeah
JumpySubsequentDolphin
14:31
why won’t ASU send my scholly info ☹️
WorthlessAttractiveZombie
14:31
they sent mine about 3 hours after i got the initial acceptance video thing
I just wanna hear back from them
14:31
the adcomm office got there at 10 am took a two hour lunch at 12 and left at 3:30 -- trust me im from the year 2076
lol
WorthlessAttractiveZombie
14:32
lavender, they should usually get back within a month of going complete
okie doke, thank u!
JumpySubsequentDolphin
14:35
@WorthlessAttractiveZombie: good to know! I thought I missed SMTH bc someone told me they got their admissions packet before the video lol
BulbasaurNoLikeCardio
14:35
I got school that have me under review for over a month... just hope it puts me in their first wave of As
TackyProudYogurt
14:39
Anyone know if asu releases decisions all at once or if they trickle out throughout the day?
WorthlessAttractiveZombie
14:39
I'm pretty sure it's a trickle because they send you a personalized video too
TackyProudYogurt
14:40
Ah okay so I do need to continue refreshing my email every 10 seconds
WorthlessAttractiveZombie
14:40
I would say potentially. I received my email/video around noon eastern time, and I've seen people get it past 5pm eastern
coolgirl
14:40
Does anyone know if pending decision means I’ll get a response soon? My status changed
WorthlessAttractiveZombie
14:41
oooh which school?
TheMidwestMonger
14:42
^^
BulbasaurNoLikeCardio
14:42
@coolgirl: does it say that on the lawhub portal? My one A this cycle it said pending decision on their applicant portal and that they will email me in 24hrs the results.
coolgirl
14:43
FAMU
coolgirl
14:44
I got pending decision a week ago on my portal but haven’t seen any updates since
JumpySubsequentDolphin
14:45
@WorthlessAttractiveZombie: yours was personalized?! mine wasn’t 🙁
BulbasaurNoLikeCardio
14:45
That would kill my soul, see other people in that schools specific chat saying the same thing. Maybe they give a decision by mail?
WorthlessAttractiveZombie
14:50
@JumpySubsequentDolphin: I mean the dean just said my name and that was it but it’s still technically personalized
JumpySubsequentDolphin
14:51
she didn’t say my name 😀
JumpySubsequentDolphin
14:51
she was like congrats see you soon
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