MLchartDataset catalogue

Assumption

Term · Law · MLC-T-LAW-000597

The act of taking on a duty, obligation, or debt previously held by another party. This transfer of responsibility often occurs in contracts, where one party agrees to fulfill the contractual obligations of another. For instance, a buyer of property might assume the seller's existing mortgage.

Table 1. Record
IdentifierMLC-T-LAW-000597
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-000597",
  "term": "Assumption",
  "field": "Law",
  "definition": "The act of taking on a duty, obligation, or debt previously held by another party. This transfer of responsibility often occurs in contracts, where one party agrees to fulfill the contractual obligations of another. For instance, a buyer of property might assume the seller's existing mortgage.",
  "url": "https://mlchart.com/terminology/law/assumption/"
}

Record 386 of 5,439 in Law terminology (MLC-0107). Request the full dataset.