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LSDefine

Simple English definitions for legal terms

reject, assume or

Read a random definition: confusio bonorum

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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TGM
18:41
not sure if I should email them to say that, or just hold off on sending it and not give an excuse
18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
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