Terms and Conditions

Agreement of Sale
An 'Agreement of Sale' is a legal contract between a buyer and a seller in which the seller agrees to sell, and the buyer agrees to buy, specific goods under predetermined terms and conditions. This agreement outlines the price, delivery terms, payment methods, and other essential provisions necessary for the transfer of goods ownership.
Articles of Partnership
The articles of partnership is a voluntarily prepared agreement detailing the terms and functioning of a partnership between business partners. It acts as a blueprint for the internal operations and distributions of profits, losses, and duties within the firm.
Letter of Engagement
A letter of engagement is a formal agreement between a professional service provider and a client outlining the terms and conditions of the service engagement.
Stipulation
A stipulation refers to a specific term or condition within a written contract, or any set of agreed-upon terms and conditions that establish duties, rights, and responsibilities of the parties involved.
Term
A multifaceted concept in finance and legal agreements, referring to either the period during which conditions of a contract will be carried out or the specific provisions within an agreement.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.