Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Assumption
n. 1. A fact or statement taken for granted; a supposition <a logical assumption>. 2. The act of taking (esp. Someone else's debt or other obligation) for or on oneself; the agreement to so take <assumption of a debt>. -assume, ub.
Assumption clause
1. A mortgage provision that prohibits another from assuming the mortgage without the permission of the mortgagee. 2. A provision by which the transferee of an instrument agrees to assume an obligation of the transferor.
Assumption fee
a lender's charge for processing records for a new buyer's assumption of an existing mortgage.
Assumption of the risk
torts. 1. The act or an instance of a prospective plaintiff's taking on the risk of loss, injury, or damage <the skydiver's assumption of the risk>. - also termed assumption of risk."[assumption of risk] has been a subject of much controversy, and has been surrounded by much confusion, because 'assumption of risk' has been used by the courts in several different senses, which traditionally have been lumped together under the one name, often without realizing that any differences exist. There are even courts which have limited the use of the term 'assumption of risk' to cases in which the parties stand in the relation of master and servant, or at least some other contractual relation; but they have been compelled to invent other names for other cases, such as 'incurred risk,' or 'volenti non fit injuria.' this appears to be largely a distinction without a difference; and most courts have made general use of the one term .... In its most basic sense, assumption of risk means that the plaintiff, in advance, has given his express consent to relieve the defendant of an obligation of conduct toward him, and to take his chances of injury from a known risk arising from what the defendant is to do or leave undone." w. Page keeton et al., the lava of torts $ 68, at 480-81 (5th ed. 1984) 2. The principle that one who has taken on oneself the risk of loss, injury, or damage consequently cannot maintain an action against the party having caused the loss <assumption of the risk was not a valid defense>. ( assumption of the risk was originally an affirmative defense, but in most jurisdictions it has now been wholly or largely subsumed by the doctrines of contributory or comparative negligence. The risk assumed by the person was often termed an incurred risks
Implied assumption
the imposition of personal liability on a land purchaser who buys subject to a mortgage and who deducts the mortgage amount from the purchase price, so that the purchaser is treated as having assumed the debt.
entity assumption
The presumption that a business is a unit separate from its owners and from other firms.
implied assumption
See ASSUMPTION.