In the context of contract law, “reasonable time” is a vague, and largely disfavored, qualifier used to connote a period by which an act should be performed. What is a reasonable time is a fact-intensive inquiry, often a question for the jury to decide...
contracts
reformation
Reformation is a court’s equitable power to modify a contract to reflect the parties’ true intent where some error has been committed. Courts require plaintiffs seeking to reform a contract to prove certain elements, however. The Oregon Supreme Court...
release
To cease to be bound by an obligation or to concede a right. A release usually takes the form of a voluntary private contract between parties to cease the obligation or concede the right. California Civil Code § 1541 upholds...
reliance
Reliance is legal concept defining the dependence by one person on another person’s or entity’s statements or actions, particularly where the person acts upon such dependence. The person on whom the person relied may be liable for damages if such...
reliance damages
Damages awarded for losses suffered in reasonable reliance on a promise. Reliance damages are calculated by asking what it would take to restore the injured party to the economic position occupied before the party acted in reasonable reliance on the...
relinquished property
In a 1031 exchange, the real property the investor is selling to defer recognition of gains from the sale as taxable income. A reference to relinquished property is made in § 1031(a)(3) of the Internal Revenue Code, which requires that the property...
renewal
1) Voluntary re-establishment of a legal relationship created by a previously agreed-to but expired contract. That is, renewal is not merely an extension of a previous contract but is effectively the creation of a new contract that...
represent
1) To serve as one’s agent.
2) To serve as one’s attorney. An attorney can represent a client in litigation proceedings, settlement negotiations, or in transactional negotiations.
3) A close alignment of...
repudiation
See anticipatory breach.
[Last updated in April of 2021 by the Wex Definitions Team]
requirements contract
Requirements contract is a contract between a supplier or manufacturer and a purchaser where the seller agrees to provide the purchaser with all the goods that the purchaser needs, and the buyer agrees to purchase the goods exclusively from...