JumpySubsequentDolphin
21:35
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
well
Read a random definition: CIP
A quick definition of well:
Well: A word that can mean different things depending on the context. When talking about a boat, it means the boat is in good condition and safe. When talking about a legal matter, it means something is done correctly and without any problems. When talking about a hole in the ground, it means a place where we can get water, oil, or gas. Sometimes, these holes only produce a little bit of oil or gas, and we call them "stripper wells."
A more thorough explanation:
well, adj. This term is used in marine insurance to describe a vessel that is in good condition and is safe and sound. For example, "the vessel was warranted well on January 1."
well, adv. This term is used to describe something that is done in a legally sufficient manner and is unobjectionable. For example, "well-pleaded complaint."
well, n. This term refers to a hole or shaft that is dug into the earth to obtain a fluid, such as water, oil, or natural gas. There are different types of wells, including:
- Limited-capacity well: An oil or gas well that is limited to producing only a portion of its monthly allowable because of market demand.
- Stripper well: An oil or gas well that produces only small quantities. In some states, such as Kansas and Illinois, stripper wells are common.
The examples illustrate the different uses of the term "well" in different contexts. The first example shows how "well" is used in marine insurance to describe the condition of a vessel. The second example shows how "well" is used to describe something that is legally sufficient. The third example shows how "well" is used to refer to a hole or shaft dug into the earth to obtain a fluid, and the different types of wells that exist.