Definition of Assumption of Risk: Assumption of risk is a legal doctrine that allows a party to avoid legal liability for an injury or loss that results from a risky or dangerous situation, activity, or event, if the injured party voluntarily and knowingly assumed the risk. It is a form of defense in which an individual or entity will not be held liable for injury or loss caused by an activity or event if the injured party knew of the risk before engaging in the activity or event. There are two main types of Assumption of Risk: express and implied. Express Assumption of Risk occurs when the injured party signs a document or otherwise agrees to a contract that states that they are aware of the risks associated with the activity or event. Implied Assumption of Risk occurs when the injured party is aware of the risks before engaging in the activity or event, even though they do not sign a document stating that they are aware of the risks.