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A term is a specific set of time that something occurs or takes effect. A term may also be a specified period of time that is established either by the law to exercise a right, or through an agreement to set the duration of a contract. 

Term life insurance refers to life insurance policies that provide coverage for a certain amount of time and typically only provide a death benefit. A basic term life insurance policy includes the policy owner paying a monthly or yearly premium with the premium increasing as the person ages.

• life insurance

Testing-the-waters generally means to explore the feasibility of something prior to committing or moving forward. 

A third party is someone who is not directly involved in a transaction, dispute, or agreement between two principal parties. The term often refers to an outside person or entity with a secondary or indirect role.

A third party beneficiary is a person benefiting from a contract made between two other parties, where the two contracting parties intended to benefit the third party beneficiary. The third party beneficiary is not a party to the contract, but has rights under the contract since it was made with an intent to benefit them. 

• contract law

A third-party beneficiary is a person who is not a contracting party of a contract but can still receive the benefits from the performance of the contract. The privity of the contract is between the contracting parties - the promisor and promisee. A promisor is a party that makes promises to benefit the third-party beneficiary.

• lawsuits-court
• business-llcs-corporations
• consultants-contractors

In a legal context, “time is of the essence” is a statement that may be included in the language of the provisions of a contract to emphasize that the parties must complete their obligations on time. In other words, the phrase “time is of the essence” means that timing is material to the performance of the contract.

Title insurance is coverage purchased by buyers of real estate to protect against issues of title.

A tontine is an investment plan in which participants contribute to a common fund and receive annuities or dividends based on their share in the pool.

“Too big to fail” refers to an entity so important to a financial system that a government would not allow it to go bankrupt due to the seriousness of the economic repercussions. For example, the 2008 Emergency Economic Stabilization Act provided bailout funds for Wall Street banks and U.S. automakers, the financial health of which were considered essential to the United States economy.