ASSUME OR REJECT

assume  or  reject.Bankruptcy.  (Of  a  debtor-in-possession  or  a  trustee)  to  make  an  election

under  the  Bankruptcy  Code  concerning  an  executory  contract  or  an  unexpired  lease  within  a

prescribed period, depending on the chapter of the Code under which the case is proceeding and

the subject  matter of the contract. • The timing,  procedure, and consequences of the election are

described in 11 USCA § 365.[Blacks Law 8th]