Assumption of Risk

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Assumption of Risk

1. In law, an agreement by which one party takes on the risk of another party, often for some compensation.

2. In torts, a defense in a lawsuit in which the defendant argues that the plaintiff took a risky action after having been informed of risks in such a way that a reasonable person would understand such risks. This limits the defendant's liability in the lawsuit. However, some states limit the use of the assumption of risk defense.