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]