Assumpsit :

Assumpsit - law

An assumption or undertaking by one person (the promisor) to perform an act for, or to pay a sum to, another person (the promisee), often without express agreement from the promisee to perform an act or remit consideration in return. An assumpsit is created, for example, when one person employs another without any written agreement as to compensation. In such an arrangement, the law will im¬ply a duty to pay reasonable wages. An assumpsit also arises when one person receives money that belongs to an¬other, in which event the law implies a duty to remit the sum to the owner.

Express Assumpsit

An express assumpsit is one in which the promisor states the assumption in distinct and definite language. A person who agrees to work for another on certain tasks for a specified time has made an express assumpsit.

Implied Assumpsit

An implied assumpsit is one in which a promise is in¬ferred by law from the conduct of a party or the circum¬stances of the case. If, without any express statement, a person begins working for another who knows and does not object to that work, a court may find that an implied assumpsit has arisen.

Action in Assumpsit

An action in assumpsit is a court action to recover damages for breach of an oral or other informal contract. A seller who delivers goods to a buyer based on an oral contract and who does not receive payment may recover the proceeds in an action in assumpsit.

Assurance - insurance

British term for insurance

Assured - insurance

The individual, company or entity which is insured

Astern - shipping

(a) Behind a ship or aircraft

(b) Toward the back of a ship or aircraft

(c) Backward as in the move¬ment of a ship

At Sight - banking

Terms of a financial, instrument which is pay¬able upon presentation or demand - A bill of exchange may be made payable, for example, at sight or after sight, which (respectively) means it is payable upon presentation or demand, or within a particular period after demand is made. See bill of exchange

Attachment - law

Legal process for seizing property before a judg¬ment to secure the payment of damages if awarded - A party who sues for damages for breach of contract may re¬quest, for example, that the court issue an order freezing all transfers of specific property owned by the breaching party pending resolution of the dispute

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