What does restatement mean? 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. Conversely, “[a] mere gratuitous promise of a future gift, lacking consideration, is unenforceable.” Kaufman v. Harder, 354 So. restatement definition: 1. the act of saying something again or in a different way: 2. the act of saying something again…. Restatement definition is - something that is restated. Section 402A of the Restatement sets forth the widely-cited doctrine of strict liability for defective products. A restatement of a revocable living trust revises or amends a trust's provisions. What is the dictionary definition of Restatement Of The Law? Get the Restatement legal definition, cases associated with Restatement, and legal term concepts defined by real attorneys. The original trust's name is not affected or changed by the restatement. Trust Restatement Law and Legal Definition. Meaning / Definition of Restatement Of The Law. A restatement of the law is designed to give a complete picture of the rules guiding a given area of the legal system. Restatement The release of a previously issued financial statement amended with new information. 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). Learn more. Related Phrases. 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. Definition of agency. This standard document contains integrated drafting notes. 11 Restatement (Second) of Torts 13 (1) An actor is subject to liability to another for battery if Consideration requires a bargained exchange in which each party incurs a legal detriment. 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. First Restatement system for choice-of-law was the vested rights theory. Information and translations of restatement in the most comprehensive dictionary definitions resource on the web. 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. The Restatements of Law are a series of legal treatises authored by the American Law Institute, a group of America's brightest legal scholars. restatement of laws. “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. 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. They are prepared by the American Law Institute (ALI), a prestigious organization comprising judges, professors, and lawyers. Restatement explained. 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. Definition: Restatement Of The Law. For example, changing a minimum lease length from six months to one year may be accomplished through restatement. Dictionary Definition. The judge can then consider the Restatement section and make an informed decision as to how to apply it in the case at hand. Dicey,7 the theory explained the forum's use of foreign legal rules in terms of the creation and enforcement of vested rights. The Restatements reflect the law in a general area, how it is changing, and the direction that its authors think it should be heading. A restatement of trust completely replaces and supercedes all provisions of the original revocable living trust it replaces. 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. A standard form amendment and restatement agreement to be used to amend and restate the terms of a facility agreement (or loan agreement). Restatement (Third) of Torts. The American Restatement (Second) of Torts, and Restatement (Third) of Torts, are authoritative, highly influential treatises issued by the American Law Institute. See more. 2d 109, 109 (Fla. 3d DCA 1978). 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. 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. Sources. 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. 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. 1 Overview. 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. It summarizes the general principles of common law United States tort law. Contact us. Bargained Exchange . Developed in this country by Joseph H. Beale6 and in England by A.V. Find more ways to say restatement, along with related words, antonyms and example phrases at Thesaurus.com, the world's most trusted free thesaurus. Restatement of the Law - Agency Database updated June 2015 Restatement (Third) of Agency Chapter 1. Introductory Matters Topic 1. 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