A quorum is the minimum number of members of a group or committee required to be in attendance in order for that group to be able to take official action. Groups that often have quorum requirements include legislative bodies, corporate boards of directors, and corporate shareholder meetings.
Sometimes, when a party owes others legal duties, the party posts a surety bond to guarantee their performance. The surety bond is like a security deposit, with the party promising to do something as the renter and person they owe obligations to, or obligee, is like the landlord. Thus, if the party that made the promise fails to perform their duty, the obligee is compensated out of the bond.
A term in a loan agreement that requires the borrower to pay off the loan immediately under certain conditions.