business law

Arrears

Debt that has accumulated and that has not yet been paid upon the due date. See arrearages.

Article

Definition

A paragraph or section of a legal document or statute.

Articles of Incorporation

Definition

The highest governing document in a corporation. Also known as the corporate charter, it generally includes the purpose of the corporation, the type and number of shares, and the process of electing a board of directors. The articles of...

Articles of Organization

Definition

Document required to be filed with a designated official, usually the Secretary of State, to legally register a Limited Liability Company (LLC). Since LLCs are governed by state law, the information required to be in the Articles of...

Artificial Person

An entity established by law and given at least some legal rights and duties of a human being. Corporations are the most common types of artificial persons.

See [[legal person]]; cf. natural person.

Artisan's Lien

A type of lien that gives workers a security interest in personal property until they have been paid for their work on that property. Essentially, a mechanic's lien by another name.

As Is

Definition from Nolo’s Plain-English Law DictionaryA term in a sales contract providing that the buyer agrees to take property, such as a house, horse, auto, or appliance in its present condition, without the right to complain if it is faulty. However,...

Assign

Definition from Nolo’s Plain-English Law DictionaryTo transfer to another person (the assignee) all or some of the rights and responsibilities that another person (the assignor) holds under a contract. For example, a tenant may assign his lease to another...

Assignee

Definition from Nolo’s Plain-English Law DictionaryA person to whom a property right is transferred. For example, an assignee may take over a lease from a tenant who wants to permanently move out before the lease expires. The assignee takes control of the...

Assignment

Definition from Nolo’s Plain-English Law Dictionary1) A transfer of property or ownership rights from one person to another, called the "assignee." For example, a lease may be assigned from one tenant to another. Or, ownership rights for a patent,...

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