Graces
Definitions
- (n.) Extensions of time granted by a court or creditor to fulfill a legal obligation or debt.
The debtor was granted thirty days of graces to pay the outstanding balance.
Related terms
See also
Commentary
In legal drafting, specifying the duration and conditions of graces clearly avoids ambiguity in obligations.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.