business law

Assignment for Benefit of Creditors

Definition from Nolo’s Plain-English Law Dictionary A voluntary transfer of a debtor's property into a trust to be used to pay creditors. The trustee collects any income owed the debtor, liquidates the debtor's property that has been transferred to the...

Association

1. An organization of people that is not incorporated. In general, an association is not a separate entity from the persons who compose it. However, some laws may require associations to pay taxes, particularly if they have certain features that...

Assumable Mortgage

A type of financing in which one person may take over the mortgage from another. For example, Buyer 1 wants to buy a house, so he takes out a mortgage (borrows money from the bank to pay for the house). If Buyer 1 wants to sell the house to Buyer 2...

Assume

Definition from Nolo’s Plain-English Law Dictionary1) To take over another person's rights and/or obligations. For example, one person might assume another's car lease, residential lease, or debt. 2) In bankruptcy, for the bankruptcy trustee to take over...

Assumption

Definition from Nolo’s Plain-English Law DictionarySee: assume, assumption of risk

Definition provided by Nolo’s Plain-English Law Dictionary.

At-Will Employment

Definition from Nolo’s Plain-English Law DictionaryAn employment arrangement in which the employee may quit at any time, and the employer may fire the employee for any reason that is not illegal. For example, an employer may fire an at-will employee for...

Attached

Definition from Nolo’s Plain-English Law Dictionary1) In real estate, when equipment, shelving, or furniture is solidly incorporated into a structure, such as bolted to the floor or wired to the ceiling (and not capable of being removed without damage to...

Attachment

An attachment is a court order seizing specific property. Attachment is used both as a pre-trial provisional remedy and to enforce a final judgment.

Sometimes, courts attach a defendant's property as a provisional remedy to prevent the...

Attorney-in-fact

Definition

An agent authorized to act on behalf of another person, but not necessarily authorized to practice law, e.g. a person authorized to act by a power of attorney. An attorney in fact is a fiduciary. Also known as attorney in fact or private...

Audit

Definition from Nolo’s Plain-English Law DictionaryAn examination of the financial records of a person, business, or organization, typically done to correct careless or improper bookkeeping or to verify that proper records are being kept. Businesses and...

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