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 ?
Assume a Canadian corporation is the sole source of funding for a foreign affiliate.
Thus, the teacher who assumes that her students are below level in ability will teach accordingly.
Staff members need to be given the opportunity to assume more duties and act more "partner like" to ensure that they are capable of becoming a successful owner of the practice, which in turn increases the likelihood that the seller will receive the full purchase price from a successful buyer.
If you are 40 to 49: Assume that your benefits will be half of what they would be today.
Assume that, because a manager's job is to make decisions, your new title confers all the decision-making authority, trust, and power needed to do the job.
Alvord, who is principally headquartered in Boston, will assume the title of chairman of the Boston bank, and Gunnar S.
We assume both diffusivity tensor and reaction rate constant to be independent of concentration.
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.
However, there is always some tail and moil flash (perhaps handle punchouts as well) which we will assume for our example to be 40% of total parison weight.
UnitedAuto also announced today that Central Region Executive Vice President Whitfield Ramonat will assume the responsibility for our Financial Services organization and field training initiatives along with his current role in managing operations for the Central Region.
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?
Further, for dimensions like "locus of control" and "understandability", which are directly related to the content in which the students are interested, we assume also a positive relationship with interest.