16:52
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Simple English definitions for legal terms
adequate assurance
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A quick definition of adequate assurance:
Adequate assurance means having enough proof or guarantee that something will happen as promised. For example, if someone promises to do something, the other person may ask for adequate assurance that it will actually happen. This can be a pledge or a guarantee that gives the other person confidence that the promise will be kept. In some cases, if adequate assurance is not provided, it can mean that the promise has been broken.
A more thorough explanation:
Definition: Adequate assurance refers to a circumstance or act that gives confidence to the party who is expecting something to happen. It is a pledge or guarantee that the contract will be fulfilled as agreed upon.
Examples:
- If a company orders goods from a supplier and the supplier fails to deliver on time, the company may demand adequate assurance that the goods will be delivered as promised. This could be in the form of a written guarantee or a deposit.
- In a real estate transaction, the buyer may require adequate assurance that the seller has the legal right to sell the property and that there are no liens or encumbrances on the property.
These examples illustrate how adequate assurance is a way to ensure that both parties in a contract have confidence that the terms of the agreement will be fulfilled. It is a way to prevent misunderstandings and protect both parties from potential losses.