REASONABLY-PRUDENT-OPERATOR STANDARD

reasonably-prudent-operator standard.Oil & gas. The test generally applied to determine a lessee’s compliance with implied lease covenants by considering what a reasonable, competent operator in the oil-and-gas industry would do under the circumstances, acting in good faith and with economic motivation, and taking into account the lessor’s interests as well as that of the operator.…

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REASONABLE-USE THEORY

reasonable-use theory.Property. The principle that owners of riparian land may make reasonable use of their water if this use does not affect the water available to lower riparian owners. [Cases: Waters and Water Courses 41. C.J.S. Waters § 13.] [Blacks Law 8th]

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REASONABLE TIME

reasonable time. 1.Contracts. The time needed to do what a contract requires to be done, based on subjective circumstances. • If the contracting parties do not fix a time for performance, the law will usu. presume a reasonable time. [Cases: Contracts 212. C.J.S. Contracts § 582.] 2.Commercial law. The time during which the UCC permits…

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