business law
Accept
See alsoAcceptance
Acceptance
Definition
Assent to the terms of an offer. Acceptance must be judged objectively, but can either be expressly stated or implied by the offeree's conduct. To form a binding contract, acceptance should be relayed in a manner authorized, requested, or...
Accession
Definition
1) In trusts and estates law, assets produced by a devised asset after the execution of a will.
2) In secured transactions law, goods that physically united with other goods in a way that doesn't lose the identity of the original goods...
Accord
Definition
1) A harmonious agreement, especially between countries.
2) An offer to substitute a different obligation for one that was previously owed, plus the acceptance of that offer. Either of the parties involved can propose an accord. If...
Accord and Satisfaction
Definition
An agreement (accord) between two contracting parties to accept alternate performance to discharge a preexisting duty between them and the subsequent performance (satisfaction) of that agreement. An accord and satisfaction differs from a...
Account
Definition
Within the context of secured transactions under Article 9 of the Uniform Commercial Code, this refers to a right to payment of a monetary obligation. Not included: (1) letters of credit, (2) commercial tort claims, (3) deposit accounts, (4...
Account Debtor
Definition
Someone who owes an obligation by virtue of an account, chattel paper, or general intangible.
Illustrative caselawSee, e.g. Nickey Gregory Co., LLC v. AgriCap, LLC, 597 F.3d 591 (4th Cir. 2010).
See alsoSecured transactions
Account Receivable
Definition
See accounts receivable.
Account Stated
Definition
A statement between a creditor and a debtor that settles the total amount of debt owed to the creditor.
There are three elements of an account stated: (1) There exists prior transactions between the parties, creating a creditor-debtor...