Assume

Business, Legal & Accounting Glossary

  1. Home
  2. Glossary
  3. Define: Assume

Definition: Assume

Cite Term
Sources

What is the dictionary definition of Assume?

Dictionary Definition

v. to take over the liability for a debt on a promissory note, which is often done by the buyer of real property which has a secured debt upon it. Example: Bob Buyer pays part of the price of a piece of real property by taking over the debt that Sally Seller had on the property. However, usually the original owner to whom Sally owes the debt must agree to the assumption.

Cite Term

To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/assume/
Modern Language Association (MLA):
Assume. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. October 25, 2021 https://payrollheaven.com/define/assume/.
Chicago Manual of Style (CMS):
Assume. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/assume/ (accessed: October 25, 2021).
American Psychological Association (APA):
Assume. PayrollHeaven.com. Retrieved October 25, 2021, from PayrollHeaven.com website: https://payrollheaven.com/define/assume/

Definition Sources

Definitions for Assume are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 26th April, 2020 | 3 Views.