Contract Glossary
Assumption of Risk
Definition
A legal doctrine where someone knowingly and voluntarily accepts the risks associated with an activity. If you assume the risk, you typically can't sue for injuries or losses that result from those known risks.
In Practice
You sign a waiver before going bungee jumping, rock climbing, or using a coworking space's gym. That waiver is an assumption of risk agreement. In business contracts, assumption of risk clauses can shift liability for certain outcomes — like using beta software or participating in a high-risk venture — from the provider to you.
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Frequently asked questions about assumption of risk
They can try, but courts won't enforce blanket risk assumptions for everything. You can assume risk for known, specific dangers, but not for a company's own negligence or intentional harm. A gym waiver covers you pulling a muscle; it doesn't cover the gym's electrical wiring catching fire.
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Create your contractThis content is for informational purposes only and does not constitute legal advice. For contracts with significant financial or legal implications, review by a qualified attorney is recommended.