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Simple English definitions for legal terms

SL/C

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A quick definition of SL/C:

SL/C stands for standby letter of credit, which is a type of financial instrument issued by a bank to guarantee payment in case the customer defaults on their obligation. It is often used to secure non-monetary obligations, such as the completion of construction work. The bank agrees to pay the beneficiary if the customer fails to fulfill their obligation. Standby letters of credit are governed by Article 5 of the UCC and are often abbreviated as SL/C or guaranty letter of credit.

A more thorough explanation:

SL/C stands for standby letter of credit, which is a type of letter of credit used to guarantee a monetary or non-monetary obligation. It is issued by a bank at the request of a customer, and it promises to pay a third party (the beneficiary) if the customer fails to fulfill their obligation.

For example, if a construction company is hired to build a new office building, the client may require them to provide a standby letter of credit to ensure that the work is completed on time and to the agreed-upon standards. If the construction company fails to meet these requirements, the bank will pay the client the amount specified in the SL/C.

Another example is when a supplier requires a buyer to provide an SL/C to ensure payment for goods or services. If the buyer fails to pay, the bank will pay the supplier the amount specified in the SL/C.

Overall, an SL/C is a useful tool for managing risk in business transactions, as it provides a guarantee of payment in case of default or non-performance.

slayer statute | SLC

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21:09
i was about to have a heart attack
21:09
at the berk decision lmao
@madollyy: I focus on bringing your GPA up as much as possible in the last semester because once you graduate you cannot change that. So don't study for the LSAT next semester if you think that would impair your ability to get straight A's. As for LSAT studying, I would recommend LSAT Demon (ik controversial), the Loophole, and Reading Comp Hero.
*I would focus
JumpySubsequentDolphin
21:11
@texaslawhopefully: oh I’m not sure hahaha im just basing off of my friend who got a tutor bc she was rly struggling and it seemed like it helped her!
Yeah, that's fair! For some people it can help a lot. I'm just saying in general I don't think it is necessary unless you are trying to finetune a very specific area (or get to the high 170s because that is another thing in and of itself) OR are just terrible at the test. I tutor the test and I find that most people can improve just as much through self-study.
JumpySubsequentDolphin
21:13
that makes sense for sure
JumpySubsequentDolphin
21:13
i think for her it was a lack of discipline more than anything else tbh. she could not get herself to meaningfully study on her own
madollyy
22:05
I've finished all my major requirements, so I'm taking pretty much all electives next semester. Keeping one major specific class bc I'm majoring in it for a reason haha. But I'll be pretty free to study and try and improve my GPA. I will try self study first, see where that gets me. If that doesn't work I'll look into tutoring!
the way there probs won't be another wave until after thanksgiving LMFAO
i hate this
JumpySubsequentDolphin
22:07
omg i just got a Snapchat memory of my friend losing her mind bc she thought Eminem was black
JumpySubsequentDolphin
22:07
SHES FROM MICHIGAN
JumpySubsequentDolphin
22:07
THIRTY MINS AWAY FROM DETROIT
babycat
22:10
most of the stuff a tutor will teach you is stuff you can figure out yourself if you’re sufficiently motivated. if you would benefit from some support and structure tutoring can be helpful
babycat
22:13
thanks for the plug dk you’re a sweetie
^^one hundred percent agree
babycat
22:16
texas what made you decide you wanted to go to law school so young? just opportunity cost or something else?
GodsPlanUltimately
22:45
I ust submitted my application on LSAC but why does it say transmitted (still in the active application) and is not in the complete application file?
GodsPlanUltimately
22:45
Freaking out here
babycat
22:46
because you just submitted it. give it like an hour and it’ll go into the complete file
GodsPlanUltimately
22:47
Rationally that's what I thought but irrationally I was like crying throwing up did I mess it up lol
babycat
22:49
Lol you’re all good
GodsPlanUltimately
22:49
I'm assuming then for status checking eventually that the school emails you that information once LSAC finishes processing?
babycat
22:50
Yep
GodsPlanUltimately
22:50
Thank you ╱|、 (˚ˎ 。7 |、˜〵 じしˍ,)ノ
GodsPlanUltimately
22:50
Just stressing because this is my first and only app.
GodsPlanUltimately
22:53
Does the CAS Report send once the school requests it or do I have to send it ?
babycat
23:02
It sends automatically
babycat
23:02
Why only one app?
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