business law

Actual Damages

Overview

In tort law, actual damages is a type of damages which refers to compensation awarded by a court in response to a loss suffered by a party.

The Supreme Court held in Birsdall v. Coolidge, 93 U.S. 64 (1876) that the phrases "compensatory...

Addendum

An attachment or exhibit to a document, such as a contract. For example, a contract to manufacture widgets may have an adendum listing the specifications for said widgets. As this modifies the original document, it should be signed or executed with...

Adhesion Contract

A standard-form contract drafted by one party and signed by another in a weaker position. The signing party is typically a consumer with little commercial leverage, and must either reject the deal or accept it with little chance to influence the terms...

Adhesion Contract (Contract of Adhesion)

Overview

An adhesion contract (also called a "standard form contract" or a "boilerplate contract") is a contract drafted by one party (usually a business with stronger bargaining power) and signed by another party (usually one with weaker...

Adjustable Rate Mortgage (ARM)

A mortgage loan where the interest rate may change in accordance with designated market indicator (such as the LIBOR), as opposed to a set interest rate (such at 6% annually).

Adjusted Basis

Definition from Nolo’s Plain-English Law DictionaryAn owner's original tax basis in an asset, adjusted for various events during the period of ownership. The costs of capital improvements are added to the original basis (which is normally the price the...

Adjustment

Definition from Nolo’s Plain-English Law DictionaryThe settlement of how much is to be paid on a claim or debt. For example, an IRS-approved change to a tax liability as originally reported on a tax return. Or, an insurance company's settlement on a claim...

Administer

Definition from Nolo’s Plain-English Law Dictionary1) To conduct the duties of a job or position. 2) To manage the affairs of the estate of a person who has died under supervision of the local probate court. 3) To give an oath to someone who is about to...

Adultery

A form of extramarital sex between a married person and a person who is not a party to the marriage. In a fault-based divorce scheme adultery is grounds for divorce. In some states, adultery may be a factor in property distribution and/or a...

Advance

Definition from Nolo’s Plain-English Law DictionaryA type of loan or payment in which money is paid ahead of time, in anticipation of repayment or other future adjustment. For example, paying for goods before they are shipped.

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