14:19
I wrote Raytheon instead of RTX since its more recognizable
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LSDefine
Simple English definitions for legal terms
onerous gift
Read a random definition: wardmote
A quick definition of onerous gift:
ONEROUS GIFT: A gift that comes with a burden or obligation attached to it. For example, if someone gives you a car as a gift, but you have to pay for all the repairs and maintenance, it is an onerous gift.
ONE-SATISFACTION RULE: This is a rule that says if someone has been harmed, they can only receive one compensation for it. They have to choose one remedy if they have been awarded more than one. For example, if someone sues for a car accident and wins compensation from two different parties, they can only receive one payment.
ONEROUS TITLE: This refers to a title or ownership that comes with a burden or obligation attached to it. For example, if you inherit a house, but it has a large mortgage on it that you have to pay off, it is an onerous title.
ONEROUS TRUST: This refers to a trust that comes with a burden or obligation attached to it. For example, if someone sets up a trust for you, but you can only use the money for a specific purpose, it is an onerous trust.
A more thorough explanation:
An onerous gift is a type of gift that comes with certain obligations or burdens for the recipient. It is a gift that requires the recipient to do something or to assume some responsibility in order to receive it.
- Aunt Sally gives her niece a car as a gift, but the niece must pay for all the repairs and maintenance on the car.
- John gives his friend a piece of land as a gift, but the friend must pay all the property taxes and maintain the land.
These examples illustrate how an onerous gift is different from a regular gift. In a regular gift, the recipient receives something without any strings attached. However, in an onerous gift, the recipient must take on some responsibility or burden in order to receive the gift.