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Simple English definitions for legal terms

grace period

Read a random definition: vi et armis

A quick definition of grace period:

A grace period is a time when you don't have to pay back money you owe or you won't be charged extra fees. For example, if you have a credit card, you might have a grace period of 20 to 30 days before you have to pay interest on what you bought. This means if you pay your bill in full within that time, you won't have to pay extra. Some student loans also have a grace period after you graduate, so you don't have to start paying back your loan right away. A grace period is also included in some mortgage and insurance contracts, which means you won't be charged late fees or have your loan or contract cancelled if you don't pay on time during that time. But if you don't pay by the end of the grace period, you might have to pay extra fees or your credit might be affected.

A more thorough explanation:

A grace period is a period of time during which a borrower is not required to make payments on a debt or will not be charged a fee. This period is usually included in loan or contract agreements and is meant to give the borrower some time to make payments without incurring any penalties.

  • Credit cards: Most credit cards offer a grace period of 20 to 30 days before interest is charged on purchases. This means that if you pay your bill in full within the grace period, you won't owe any interest.
  • Student loans: Many student loans offer a grace period for at least a few months after graduation, so new graduates don't have to start repaying their loans right away.
  • Mortgages: Mortgage contracts often include a grace period during which no late fees will be charged, and the delay will not result in default or cancellation of the loan.
  • Insurance: Insurance contracts may also include a grace period during which the policyholder can make a payment without incurring any penalties.

These examples illustrate how a grace period can be beneficial for borrowers. It gives them some time to make payments without incurring any penalties, which can be especially helpful if they are experiencing financial difficulties or unexpected expenses.

governmental immunity | Graham v. Florida (2010)

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ParallelAgreeableOrangutan
19:25
Hi llama!!
llama
21:15
@ParallelAgreeableOrangutan: How are you!
ParallelAgreeableOrangutan
22:02
tbh kinda losing my mind, I'm visiting my parents in my childhood home and whenever I do this I remember why I never do this aahhaha
ParallelAgreeableOrangutan
22:02
My dog likes it here tho
ParallelAgreeableOrangutan
22:02
How are youuuuu?
llama
22:26
@ParallelAgreeableOrangutan: Deep/tough. Feels. Im well working on a project so im happy :)
NemoPropheta
22:28
should i hit the dmt pen in the sauna and meet god
ParallelAgreeableOrangutan
22:31
Ooh what kind of project? Work, passion, neither, both?
ParallelAgreeableOrangutan
22:31
@NemoPropheta: do it do it
NemoPropheta
22:37
alright day before my lsat ill hit a blinker in the sauna and become one with the test
llama
22:47
@ParallelAgreeableOrangutan: law school data so just passion.
llama
22:47
@NemoPropheta: noo they drug test before the LSAT! U will get flagged!
ParallelAgreeableOrangutan
23:19
I'm intrigued llama
ParallelAgreeableOrangutan
23:21
Holdddddup all that number crunching on your lsd profile is your work? Damn
ParallelAgreeableOrangutan
23:21
I don't visit y'all's profiles enough, clearly
NarrowFaithfulCougar
0:22
@NemoPropheta: Ahh yeah, the Sauna. That's some good Nordic shit. Beats the hot tub hands down. Plus everyone is naked.
llama
1:23
@ParallelAgreeableOrangutan: got that weaponized autism in gear, we out here.
RasheedWallaceFan
12:52
@llama: your cycle confuses me, your stats are good and you applied early but all of those Rs? Is there anything weird about your app?
RasheedWallaceFan
12:53
do you have C&F issues or something?
RasheedWallaceFan
12:55
also ur first choice is kansas but you didnt apply there?
llama
12:55
@RasheedWallaceFan: Hi. Yes, I waited for April LSAT, put almost all apps (which were sent really early) so that basically most of my apps were reviewed In May. Shot myself in the foot for 155 -> 161 lmao. Would not recommend 10/10
llama
12:57
@RasheedWallaceFan: unironically, KSLS was my top choice, however by April LSAT their app had closed. It was like waiting to date ur dream partner, but waiting until you graduate uni, then by the time u graduate uni, your soul mate is already married with 2.4 kids and 1.6 dogs. Heartbreak.exe fr fr
NemoPropheta
12:58
are you R&Ring?
llama
13:00
No, I think what I will do is flip a coin: heds NKU, tails NEL|B what u guys think bout dat. Then once 1L - if good at LS, try to transfer, if bad at LS or one of my grandiose ideas/inventions are viable, drop out and pursue.
RasheedWallaceFan
13:10
oh so you submitted the apps with a lower lsat and then retook
RasheedWallaceFan
13:10
got it
Bettercaulsaul
13:33
Most schools will hold your application for the next test score to be released into your account as well. I was notified by an admissions director that if a decision is processed they will not retroactively go back for the new score even if higher
ParallelAgreeableOrangutan
13:34
I vote NEL-Boston so we can be friends :D
ParallelAgreeableOrangutan
13:34
But it says you withdrew?? :(
ParallelAgreeableOrangutan
13:41
@Bettercaulsaul: in my experience, there is often an option on the application for you to choose whether you'd like them to review your application as-is ASAP or hold it until your new score is released. but it probably varies by school—I just remember seeing that option on at least a few app forms
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