Assumption

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Assumption

Becoming responsible for the liabilities of another party.

Assumption

The act of taking on the liabilities of another property. For example, if one is a co-signer on a loan and the borrower defaults, the co-signer assumes the responsibility to repay the loan.

Assumption

A method of selling real estate where the buyer of the property agrees to become responsible for the repayment of an existing loan on the property.

Unless the lender also agrees, however, the seller remains liable for the mortgage.

References in periodicals archive ?
Thus, the teacher who assumes that her students are below level in ability will teach accordingly.
Assume corporation A transfers property to corporation B while B is related to or affiliated with A and that, absent affiliation, the transfer would produce a loss to A.
For example, a woman assumes an identity as a mother when she is out in public with her children.
What rate of return does your company need to get in order to assume additional loss exposure?
Many macroeconomic models assume that the principal source of friction in observed behavior is represented by the term [c.
If you are over 60: Assume that your benefits at retirement will be the same as they would be today.
Assume that teams in the surgical suite or the emergency department are the same as management teams.
We further assume that the oxidation reaction is governed by a first order rate equation.
The would-be exploiters of the world would like to assume - it would be so easy for them if they could assume - that the world is everywhere uniform and conformable to their desires.
Let's assume we are talking about what is in fact the most likely multi-layer bottle structure today, shown in Fig.
However, it would be advisable for taxpayers to assume the amount they pay to settle an obligation will have to be capitalized as part of the cost of acquiring the assets.
The issue of whether pesticides and herbicides are truly "safe" to use at camp creates several serious questions: Is it appropriate to assume that if you can buy the chemicals they are safe to use?