Abrogate refers to the annulment, repeal, or abolition of a contract, rule, order, law, or treaty, thereby rendering it void or inoperative.
An adult is a person who has attained the age of majority, legally recognized as being responsible for their actions and capable of engaging in contracts and other legal responsibilities.
Apparent authority is a legal doctrine where a principal is held responsible for the actions of an agent when the principal's words or actions reasonably lead a third party to believe that the agent has the authority to act on behalf of the principal.
A bilateral contract is a mutual agreement in which both parties commit to performing an action or refraining from doing something, creating obligations on both sides. This is a common framework in business, employment, and service agreements.
A copy intended for repetitive use in making other copies. Often used in programming, legal documents, and contracts.
Commitment refers to a promise or pledge made by one entity to perform or refrain from performing a specific act, often involving legal obligations and enforceable terms.
A company seal is an official embossed emblem used to authenticate share certificates, important documents, and contracts. It often includes the company's name engraved in legible characters.
Documentary evidence refers to any evidence introduced at a trial in the form of documents. This includes written or printed papers, such as contracts, wills, deeds, and letters. It plays a pivotal role in the legal proceedings, supporting the factual assertions made by the parties involved.
The Effective Date refers to the specific date on which an agreement, policy, or offering formally goes into effect and becomes enforceable.
In legal and business contexts, 'elect' means to choose or decide upon a course of action. This may involve selecting options within contracts, wills, business decision-making, or procedural steps in various transactions.
A comprehensive guide to understanding Escrow, its mechanism, and relevance in various fields such as real estate, finance, and more.
Expiration refers to the date on which a contract, agreement, license, magazine subscription, or similar arrangement ceases to be effective. In the context of financial options, it is the last day on which an option can be exercised.
Falsify refers to the act of intentionally altering or distorting true information, statements, representations, or acts to deceive others, commonly seen in unauthorized alterations of documents like contracts.
International Commercial Terms, or Incoterms, first published in 1936 by the International Chamber of Commerce to promote standardized terminology for international trade.
Irrevocable refers to something that is incapable of being recalled or revoked and is unchangeable. For instance, an irrevocable letter of credit issued by a bank guarantees that the bank will lend the money requested if the terms of the contract are met.
A legal form is a structured model of a legal document that contains the necessary phrases and words of art required to ensure the document is procedurally correct in accordance with legal standards. The meticulous arrangement of such forms serves as a template for drafting legally binding documents such as contracts, wills, or pleadings, ensuring their compliance with specific legal requirements and formalities.
A Memorandum of Understanding (MOU) is a formal, non-binding agreement between two or more parties outlining the terms and details of an understanding, including each party's requirements and responsibilities.
Misrepresentation refers to an untrue statement, whether unintentional or deliberate. It can involve nondisclosure where there is a duty to disclose or the deliberate creation of a false appearance. When there is misrepresentation of material fact, the injured party may sue for damages or rescind the contract.
Muniments of title are documents, such as deeds or contracts, used to indicate ownership of property. These legal instruments play a crucial role in securing rights and proving ownership.
Novation refers to the cancellation of rights and obligations under one legal agreement and their replacement with new ones under another agreement. This process typically results in a change in the identity of one of the parties involved, such as in loan agreements.
An obligor is a person or entity that has a legal or contractual obligation to another party. This term is often used in legal and financial contexts, particularly in relation to bonds, loans, and other forms of debt.
In finance, partial delivery occurs when a broker or seller fails to deliver the full quantity of a security or commodity that is stipulated in a contract. For instance, if a contract requires the delivery of 10,000 shares of a stock, but only 7,000 shares are delivered, this would be termed as a partial delivery.
A recapture clause in a contract permits the party who grants an interest or right to reclaim it under specified conditions.
Revocation refers to the withdrawal or cancellation of an authority, offer, or instrument that was previously effective. It impacts the offeree's power of acceptance and has legal implications in various contexts, such as contracts, wills, and licenses.
The Statute of Frauds is a statutory requirement that mandates certain kinds of contracts to be in writing to be enforceable. Contracts such as answering a creditor for another's debt, contracts made in consideration of marriage, contracts for the sale of real estate, or contracts not to be performed within a year must be written and signed by the party to be bound.
Take-or-pay is an arrangement where a customer commits to purchasing a certain quantity of a product over a specified period, often at a predetermined price. If the customer fails to meet the agreed-upon purchase quantity, they must still pay the seller. This contract structure protects the buyer against price increases and secures the seller against price decreases.
In legal terms, 'voidable' describes a situation where a legal obligation or transaction remains valid and enforceable unless an affected party chooses to void it. This legal classification often arises in contracts, where a defect that allows for annulment can be systematically asserted or proven in court. Until such action happens, the voidable act or agreement retains its legal force.
