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.
References in periodicals archive ?
Notes of discussions concerning express agreements about purpose, complementary responsibilities, term, and decision-making preferences can be summarized following a reference to shared plan between patient and physician.
It is renewable one time by express agreement, for 1 year period, the total contract duration pouvantexceder 2 years.
Because ACA has now made it clear they do not wish to reach a competitive United Express agreement, United will explore all the alternatives for providing United Express operations out of Dulles, including entering into a regional jet agreement similar to those United has recently reached with its current United Express carriers.
United has the option under bankruptcy rules to assume the existing United Express Agreement by agreeing to honor all terms in full or to reject the agreement.
It is concluded for a period of 1 st January 2016 to 31 December 2016 and is renewable by express agreement, for successive periods of one year without its total duration may not exceed four years) (4.
Such factors include, among others: United's decision to elect either to affirm all of the terms of the Company's United Express Agreement, or to reject the agreement in its entirety, the timing of such decision, efforts by United to negotiate changes prior to making a decision on whether to affirm or reject the contract, the ability and timing of agreeing upon rates with United, the Company's ability to collect pre-petition obligations from United or to offset pre-petition obligations due to United, the Company's ability to collect post- petition amounts it believes are due from United for rate adjustments and United's ability to successfully reorganize and emerge from bankruptcy; the continued financial health of Delta Air Lines, Inc.
Main features: The requirement is for a one year period, from January 1 to December 31, 2016, renewable by express agreement, for three periods of one year each, without exceeding a total period of four years.
This new agreement is conditional in that it would go into effect only if and when ACA and United Airlines enter into a revised United Express agreement and that agreement receives required bankruptcy court approval.
Duration and form: The Framework Agreement is passed for a period of one year from the date of notification, renewable 3 times by express agreement, by one-year period or for a maximum period of 4 years.
ACA and United have had a number of discussions regarding possible terms for a revised United Express agreement, and have exchanged proposals concerning a new contract that would supercede ACA's existing United Express agreement.
The requirement is for a period of 12 months from the notification renewable 3 times express agreement for a maximum period of 48 months.
This payment represents United's next regular payment for post-petition operations under the United Express agreement between the parties.