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Mortgage assumption is the conveyance of the terms and balance of an existing mortgage to the purchaser of a financed property, commonly requiring that the assuming party is qualified under lender or guarantor guidelines. [1]
Assumption of risk is a defense, specifically an affirmative defense, in the law of torts, which bars or reduces a plaintiff's right to recovery against a negligent tortfeasor if the defendant can demonstrate that the plaintiff voluntarily and knowingly assumed the risks at issue inherent to the dangerous activity in which the plaintiff was participating at the time of their injury.
An appraiser performing and communicating an appraisal under USPAP may estimate value assuming facts and conditions proscribed by a legal presumption, but a determination would have to be made whether the assumption is an extraordinary assumption or hypothetical condition and communicated appropriately as required under USPAP.
An axiom, postulate, or assumption is a statement that is taken to be true, to serve as a premise or starting point for further reasoning and arguments. The word comes from the Ancient Greek word ἀξίωμα ( axíōma ), meaning 'that which is thought worthy or fit' or 'that which commends itself as evident'.
Arguendo is a Latin legal term meaning for the sake of argument. "Assuming, arguendo, that ..."and similar phrases are used in courtroom settings, academic legal settings, and occasionally in other domains, to designate provisional and unendorsed assumptions that will be made at the beginning of an argument in order to explore their implications.
Estoppel by convention in English law (also known as estoppel by agreement) occurs where two parties negotiate or operate a contract but make a mistake. If they share an assumption, [37] belief, or understanding of the contract's interpretation or legal effect, then they are bound by it, if: [citation needed]
Closed-world assumption, the presumption that a statement that is true is also known to be true, and a statement not known to be true is false; Open-world assumption, assumption that the truth value of a statement may be true irrespective of whether or not it is known to be true
Debt Assumption, or simply assumption, was a US financial policy executed under the Funding Act of 1790. The Washington administration pursued the policy, under Secretary of the Treasury Alexander Hamilton 's leadership, to assume the outstanding debt of states that had not yet repaid their American Revolutionary War bonds and a scrip.