When a business closes, its commitments are typically canceled along with the business itself. So, for example, a retailer that closes down may have the ability to walk away from its property lease. This applies to contracts with other vendors as well.
Among contracts that a business may walk away from upon closure are warranties. Warranty liability for closed businesses usually will break out into two categories.
Financial obligations for someone who needs to live in a nursing home or assisted living facility can be immense. Even in-home care can cost hundreds of dollars per day.
The average time of a stay for a person in a nursing home is 835 days. That would translate to a total cost of $250,000, so for many people, it’s necessary to plan for the cost of long-term care.
Typically, planning for long-term care expenses involves planning to become eligible for institutional Medicaid.
In some instances, “close enough” is legally sufficient, especially since perfection is not possible in every aspect of business or life.
A good example of this is with real estate documents that are several decades old. Names that sound the same but are spelled differently can sometimes considered to be the same.
