assumpsit definition

assumpsit literally means, in Latin, “he assumed” or “he undertook,” and was a form of action which developed for the enforcement of a simple, actual contract (in contrast to one under seal where the action was one on “Covenant”). Alternatives Unlimited Inc. v. New Baltimore City Bd. of Sch. Comm r’s, 843 A.2d 252, 284 (Md. Ct. Spec. App. 2004). Assumpsit eventually expanded from allowing the enforcement of express contracts, to the enforcement of contracts implied from the conduct of the parties, and then to “certain instances of unjust enrichment, where the law was willing to create a contract, as a legal fiction, where none in fact existed.” Id.
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assumpsit which means the Latin word “he has undertaken”, in common law, an action to recover damages for breach of contract. Consideration has been variously defined.
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Related to assumpsit

  • Assumption The process whereby, on sale or transfer of a legal or beneficial interest in a Mortgaged Property, the new owner of such Mortgaged Property becomes legally obligated under the terms of the related existing Security Instrument, Mortgage Note and any addenda and riders to such Security Instrument or Mortgage Note. Subsequent to the Assumption, the new owner of the property shall be deemed to be the Borrower under the related Mortgage Loan Documents.

  • Assumption Date has the meaning set forth in Section 9.23 of the Sale and Servicing Agreement.

  • Assumption Agreement has the meaning specified in Section 2.18(d)(ii).

  • Assignment of Contracts shall have the meaning provided in Section 5.07.

  • Assumption Fees With respect to any Serviced Mortgage Loan (or Serviced Loan Combination, if applicable), any and all assumption fees of such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) for transactions effected under Section 3.09(a), 3.09(b) and 3.09(c) of this Agreement (excluding assumption application fees), actually paid by the related Mortgagor and other applicable fees (not including assumption fees and/or assumption application fees) actually paid by the related Mortgagor in accordance with the related Loan Documents, with respect to any assumption or substitution agreement entered into by the Master Servicer or the Special Servicer on behalf of the Trust (or, in the case of a Serviced Loan Combination, on behalf of the Trust and the related Serviced Companion Loan Holder(s)) pursuant to Section 3.09(a) of this Agreement or paid by the related Mortgagor with respect to any transfer of an interest in such Mortgagor pursuant to Section 3.09(a) of this Agreement.