One party taking over responsibility
for the loan of another party; usually lender
approval is needed.

Merriam-Webster Online Dictionary
assumption (noun)
1.
a) the taking up of a person into heaven
b) capitalized August 15 observed in commemoration of the Assumption of the Virgin Mary
2.
a taking to or upon oneself - the assumption of a new position
3.
the act of laying claim to or taking possession of something - the assumption of power
4.
- arrogance pretension
5.
a) an that something is true - assuming
b) a fact or statement (as a proposition, axiom, postulate, or notion) taken for granted
6.
the taking over of another's debts
Merriam-Webster Online Thesaurus
assumption (noun)
1.
something taken as being true or factual and used as a starting point for a course of action or reasoning
SYNONYMS:
given, hypothetical, if, postulate, premise ( premiss), presumption, presupposition, supposition
RELATED WORDS:
hypothesis, proposition, theory, thesis; axiom, truism, verity; belief, canon, doctrine, dogma, gospel, law; precept, principle, rule, standard, tenet; basis, foundation, ground; conclusion, deduction, inference; affirmation, assertion, avouchment, declaration; dictum, ipse dixit
assumption (noun)
2.
an exaggerated sense of one's importance that shows itself in the making of excessive or unjustified claims
SYNONYMS:
assumption, bumptiousness, consequence, haughtiness, hauteur, high horse, huffiness, imperiousness, loftiness, lordliness, masterfulness, peremptoriness, pomposity, pompousness, presumptuousness, pretense ( pretence), pretension, pretentiousness, self-consequence, self-importance, superciliousness, superiority, toploftiness
RELATED WORDS:
authoritativeness, bossiness, bowwow, brag, dominance, high-handedness; condescension, disdain, scorn; chest-thumping, inflation, self-assertion, side [], snobbery, snobbishness, snobbism, snootiness; attitude, cheek, cheekiness, impertinence, impudence, sauciness; boastfulness, bombast, braggadocio, bravado, strut, swagger, triumphalism, vaingloriousness, vainglory; cockiness, complacence, conceit, egoism, egotism, pride, pridefulness, self-assumption, self-centeredness, self-complacency, self-conceit, self-content, self-contentment, self-opinion, self-partiality, self-satisfaction, smugness, swelled head, vanity; superiority complex
NEAR ANTONYMS:
bashfulness, demureness, retiringness, shyness; diffidence, self-distrust, self-doubt, timidity, timidness; lowliness, meekness, mousiness, passiveness, passivity, submissiveness; quietness, reserve, reservedness
humility, modesty, unassumingness, unpretentiousness
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