COMMERCE

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).

An assumption is an assertion or statement that is taken as true or supposed as a fact without proof or substantiating evidence. An assumption may also be the act of taking over (another individual or entity’s) duty or responsibility.

[Last reviewed in June of 2021 by the Wex Definitions Team]

Assured is used to refer to a person who is protected by insurance coverage against any loss or damage mentioned in the insurance policy purchased from an insurance company or an underwriter. In the context of insurance, the terms “insured” and “assured” are generally used interchangeably as the person for whose benefit the policy is written and to whom the loss will be payable.

Asylum is a kind of protection granted by a foreign country to an alien or individual who qualifies as a refugee. Asylum seekers whose applications are approved are called asylees. 

At-will employment is an employment arrangement in which the employee may quit at any time, and the employer may fire the employee for any reason and at any point, so long as the dismissal isn’t for an unlawful reason.

Attached property is property that has been seized pursuant to a court order, either as a provisional pre-judgment remedy or for the enforcement of a final judgment. Property may be attached only after the commencement of a lawsuit. In a pre-judgment request that property be attached, the movant must generally demonstrate a substantial risk of a future potential judgment’s lack of enforceability.

An attachment is a court order seizing specific property. Attachment is used both as a pre-trial provisional remedy and to enforce a final judgment. 

An attestator is a person who attests or verifies the authenticity of a document or signature by adding their own signature or stamp. Accordingly, such a document becomes attested, which means it has been acknowledged as an authentic document that can be used in a court or be held as binding on the parties involved.

An attorney-in-fact is an agent authorized to act on behalf of another person but not necessarily authorized to practice law; e.g., a person authorized to act by a power of attorney.

An audit (noun) is a formal examination and verification of an individual’s or organization’s records and accounts, finances, or compliance with a set of standards.

To audit (verb) is the act of conducting formal examination and verification.

[Last reviewed in June of 2021 by the Wex Definitions Team]