Legal Definition of Assumption: The act of assuming responsibility; the act of taking for granted; the act of adopting an obligation | Gain a clear understanding of the legal definition of assumption and its significance in business law. Explore examples of assumption in various contexts, such as debt, lease, and contractual obligations. Understand why comprehending assumption is essential for business owners, including mitigating legal risks, ensuring compliance, negotiating favorable terms, and making informed business decisions. Empower yourself with knowledge to protect your business and thrive in the complex landscape of business law