Apparent authority is the power of an agent to act on behalf of a principal, even though not expressly or impliedly granted. This power arises only if a third party reasonably infers, from the principal's conduct, that the princip
An annual percentage rate (APR) is the yearly rate charged for a loan or earned by an investment. In other words, it is a measure of the cost of credit, expressed as a yearly rate. APR includes interest as well as other fees associated with the transaction. It is calculated by multiplying the interest rate per payment period by the number of such payment periods in a year.
“Arm’s length” is an expression commonly used to refer to transactions in which two or more unrelated and unaffiliated parties agree to do business, acting independently and in their self-interest. In transactions “at arm’s length,” the parties involved should have equal bargaining power and symmetric information, leading the parties to agree upon fair market terms.
Arrears are accumulated debts that have not yet been paid upon the due date. For instance, if someone falls $5000 behind in paying for their mortgage, then they have built up $5000 in arrears.
See also: arrearages.
The articles of incorporation is the highest governing document in a corporation. It is also known known as the corporate charter.
The articles of organization is a public and official document used to create a limited liability company (LLC). The LLC members must file the articles of organization before the relevant state authority (usually the Secretary of State) for approval. Upon approval of the articles of organization, the LLC will become an official separate legal and business entity.
Artificial intelligence (AI) refers to computer-based systems capable of performing functions that typically require human intelligence, such as recognizing patterns, adapting from experience, or making decisions.
An artificial person is also known as a juridical person; it has a legal name and has certain rights, protections, privileges, responsibilities, and liabilities in law, similar to those of a natural person. In other words, an artificial person is a non-human legal entity that is not a single natural person but an organization recognized by law as a fictitious person.
An artisan’s lien is a type of lien that gives workers a security interest in personal property until they have been paid for their work on that property. It works exactly the same as a mechanic's lien.
“As is” refers to a term used in sales contracts where the buyer agrees to buy a product in its current condition without legal recourse should the buyer discover a defect in the product after purchase. The buyer should be able to view and inspect the good before they purchase it, so they are generally aware of the item’s condition.
