Legal definition for RESTATEMENT OF THE LAW: Legal treatises that are well recognized analyses on the law and are given great weight and respect in legal argument. Definition. Restate definition, to state again or in a new way. A restatement of trust completely replaces and supercedes all provisions of the original revocable living trust it replaces. Restatement definition: A restatement of something that has been said or written is another statement that... | Meaning, pronunciation, translations and examples Restatement definition is - something that is restated. For example, if a company issues a profit-loss statement and then discovers new information that affects the statement, it may amend the profit-loss statement to reflect the new information. Consideration requires a bargained exchange in which each party incurs a legal detriment. Restatements are not laws themselves, but are simply guides to the laws that are in existence. Restatement explained. As such, the Restatements traditionally offer guidance to the courts in shaping the law for various disciplines. Developed in this country by Joseph H. Beale6 and in England by A.V. Definition of restatement in the Definitions.net dictionary. Works prepared by the American Law Institute (www.ali.org) in order to set out the law on various subjects with commentary regarding changes and anticipated growth.The Restatement of the Law of Agency, for example, is not itself law, but may become so when a court refers to a rule in the restatement and adopts that rule of conduct or interpretation within the state. Indeed, only one of nine proposed sections have thus far been adopted by the ALI membership, despite years of work on the project. A standard form amendment and restatement agreement to be used to amend and restate the terms of a facility agreement (or loan agreement). The Restatement definition of private nuisance is defined as “nontrespassory invasion of another’s interest in the private use and enjoyment of land” (Prah v. Maretti , 4). n. a series of detailed statements of the basic law in the United States on a variety of subjects written and updated by well-known legal scholars under the auspices of the American Law Institute since the 1930s. In drafting a Restatement, the ALI divides the law analytically into hundreds of key legal issues or situations and then writes a rule of law governing that issue or situation, based on the rule preferred by the majority of states (or in some instances, the rule preferred by the drafting committee). Find more ways to say restatement, along with related words, antonyms and example phrases at Thesaurus.com, the world's most trusted free thesaurus. Definition of agency. In the context of torts, "injury" describes the invasion of any legal right, whereas "harm" describes a loss or detriment in fact that an individual suffers. Dicey,7 the theory explained the forum's use of foreign legal rules in terms of the creation and enforcement of vested rights. For example, changing a minimum lease length from six months to one year may be accomplished through restatement. Definition. The American Restatement (Second) of Torts, and Restatement (Third) of Torts, are authoritative, highly influential treatises issued by the American Law Institute. A restatement corrects ambiguity in the text of a bylaw by rewording for clarity, or updates bylaws to track changes in the law or the procedural needs of the organization. The American Restatement of Torts, Second is a treatise issued by the American Law Institute. Contact us. They are prepared by the American Law Institute (ALI), a prestigious organization comprising judges, professors, and lawyers. The Restatements reflect the law in a general area, how it is changing, and the direction that its authors think it should be heading. — Also termed Restatement of the Law. Sources. Section 402A of the Restatement sets forth the widely-cited doctrine of strict liability for defective products. The ALI's aim is to distill the "black letter law" from cases to indicate trends in common law, and occasionally to recommend what a rule of law should be. Information and translations of restatement in the most comprehensive dictionary definitions resource on the web. Another word for restatement. Dictionary Definition. A tort is an act or omission that gives rise to injury or harm to another and amounts to a civil wrong for which courts impose liability. What does restatement mean? First Restatement system for choice-of-law was the vested rights theory. By citing a Restatement section in a legal brief, a lawyer may bring to the attention of a judge a carefully studied summary of court action on almost any common law legal doctrine. restatement definition: 1. the act of saying something again or in a different way: 2. the act of saying something again…. The Restatements of Law are a series of legal treatises authored by the American Law Institute, a group of America's brightest legal scholars. What is the dictionary definition of Restatement Of The Law? Introductory Matters Topic 1. Definition: Restatement Of The Law. Learn more. Most of the principles of the common law of contracts are outlined in the Restatement of the Law Second, Contracts, published by the American Law Institute. The judge can then consider the Restatement section and make an informed decision as to how to apply it in the case at hand. The American Law Institute’s proposed Restatement of the Law of Consumer Contracts has undergone a lengthy process of drafts and discussions, but the road to completion has been rocky. A restatement of the law is a compilation of legal rules, principles and premises that is written by law professors, judges and other legal professionals. A restatement of the law is designed to give a complete picture of the rules guiding a given area of the legal system. Get the Restatement legal definition, cases associated with Restatement, and legal term concepts defined by real attorneys. 5 Liability For Intentional Physical Harm 7 An actor who intentionally causes physical harm is subject to liability for that harm. An agreement between private parties creating mutual obligations enforceable by law. Restatement § 71. Restatement restatement n : any of several volumes produced by the American Law Institute and authored by legal scholars and experts that set forth statements of major areas of law (as contracts, torts, trusts, and property) and are widely referred to in jurisprudence but are not binding Source: Merriam-Webster's Dictionary of Law ©1996. The general purpose is to give judges and lawyers access to authoritative treatises on legal subjects and to provide a universally accepted set of rules that may be applied uniformly to common fact problems. Restatements are highly regarded distillations of common law. The Restatement of the Law of Agency (3rd edn, 2006) is a set of principles issued by the American Law Institute, intended to clarify the prevailing opinion on how the law of agency stands in 2006. Restatement Agreement means that certain Amendment and Restatement Agreement, dated as of the date hereof, among the Borrower, Holdco, the other Loan Parties party thereto, the Administrative Agent, the L/C Issuer, the Swing Line Lender and the lenders party thereto. To access this resource, sign in below or register for a free, no-obligation trial Sign in. Bargained Exchange . Restatement The release of a previously issued financial statement amended with new information. Categories: Legal, A series of legal treatises that set out basic U.S. law on a variety of subjects, written and updated by legal scholars and published by the American Law Institutes. The original trust's name is not affected or changed by the restatement. “We speak of the work which the organization should undertake as a restatement; its object should not only be to help make certain much that is now uncertain and to simplify unnecessary complexities, but also to promote those changes which will tend better to adapt the laws to the needs of life. Meaning of restatement. Meaning / Definition of Restatement Of The Law. Cite Term. The Restatement of Contracts is written by recognized contracts scholars through the American Law Institute, and the treatise is influential in defining the law of contracts. Restatement (Third) of Torts. 2d 109, 109 (Fla. 3d DCA 1978). restatement of laws. Related Phrases. Conversely, “[a] mere gratuitous promise of a future gift, lacking consideration, is unenforceable.” Kaufman v. Harder, 354 So. Trust Restatement Law and Legal Definition. How to use restatement in a sentence. 1 Overview. 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