assume
To assume means to undertake. Generally, in legal contexts, to assume means to take over a certain duty or responsibility. For example, Alice may assume Bob’s liability for a debt (Alice may take over Bob’s debt).
In bankruptcy proceedings, “assume or reject” means to make an election under the Bankruptcy Code concerning a contract or an unexpired real property lease. For more details, see Bankruptcy Code § 365 ( 11 U.S. Code § 365 – Executory Contracts and Unexpired Leases ) and Federal Rules of Bankruptcy Procedure Rule 6006. Assumption, Rejection or Assignment of an Executory Contract or Unexpired Lease .
In more common parlance, to assume may also mean to suppose as a fact; or to take for granted without substantiating evidence or proof.
[Last reviewed in June of 2021 by the Wex Definitions Team ]
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