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LSDefine

Simple English definitions for legal terms

reject, assume or

Read a random definition: lack of prosecution

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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WorthlessAttractiveZombie
18:31
the thirst is real
thanks 🫡
don't make me say coffee or talk
windyMagician
18:31
i just never expected to find it attractive. i was stuck on these southern boys
BulbasaurNoLikeCardio
18:32
okay I am off for maybe the day to prep house for a dinner party. Good luck in random oral sex convos
bulb fr? that's kinda crazy to me idk but also lesbians and bisexuals r maybe diff i guess
windyMagician
18:32
@KnowledgeableRitzyWasp: whats wrong with fds
the fds reddit was a femcel hell hole analogous to redpill manosphere stuff
It’s incredibly toxic
It’s not quite as bad as manosphere stuff, but it’s close to that. They have a whole system of ranking guys and shit
babycat
18:34
let’s bring that on here. can I start ranking you guys? bulbasaur is on top cuz he has a wife and none of the rest of you pull like that
they get you in with telling you to value yourself then they start making you feel like all relationships are transactional
and that’s what’s bad for your mental health
i'm here for the ranking baby cat
JumpySubsequentDolphin
18:36
is anyone here very into skincare
windyMagician
18:36
i just feel like i always get treated like junk by guys so i'd like to change that :<
babycat
18:36
I don’t know how the ranking works can someone tell me. Is it like alpha, sigma, beta? Or numerical? Trying to get started ASAP
18:36
@windyMagician: i have a mini long island accent lol
18:37
not super strong tho
Dkk
18:37
@babycat: https://tiermaker.com/
windyMagician
18:37
like i was with my ex for 2 years, moved to Alaska for him, and he broke up with me over text the weekend before the election
i sound like tony soprano when i'm emotional it's so bad
windyMagician
18:37
eggan and jack are s tier bc of their accent
@babycat: I guess more binary than ranking. It’s like high value man, low value man, and there’s some other stuff
@windyMagician: can you talk about it in therapy? i had a problem with only going after people who treated me poorly and therapy helped me work that out
i could see why FDS would be attractive but i was in to manosphere stuff like 10 years ago and its just soooooo bad for your mental health
will 100% poison all your personal relationships
And that stuff fucks with the way you see the world in general
windyMagician
18:39
therapy is a good idea
babycat
18:40
@jackfrost11770: you sound like tony soprano? I need you
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