COMMERCE

will contract

Though transfers by will are normally donative, it is possible to use a will to form an obligatory, legally enforceable contract. A will contract is created when a promise is made and supported by consideration to leave property by will to the promisee...

winding up

The settlement of debts and liquidation of assets, done with the goal of dissolving a partnership or corporation.

See: dissolution of corporation.

winding up a corporation

The process of dissolving a corporation or settling the affairs of a dissolved corporation. Winding up a corporation generally takes place when a corporation decides to end a business or declares bankruptcy. Winding up involves the settling...

WIPO Copyright and Performances and Phonograms Treaties Implementation Act

Title I of the Digital Millennium Copyright Act, the “WIPO Copyright and Performances and Phonograms Treaties Implementation Act of 1998” added Chapter 12, Copyright Protection and Management Systems, to the Copyright Act.

At the time of the DMCA...

withdrawal of a corporation

Withdrawal of a corporation, also referred to as dissolution of a corporation, is the termination of a corporate entity. The procedure could be conducted voluntarily or involuntarily. Ending a corporation becomes more complex with more owners...

without recourse

A phrase meaning that one party has no legal claim against another party. It is often used in two contexts:

1. In litigation, someone without recourse against another party cannot sue that party, or at least cannot obtain adequate relief even...

witnesseth

Witnesseth is legal jargon for the term witness. The general meaning is “to take notice of” or “to witness.” With the passing of time, the usage of the term “witnesseth” has declined but it is still used in contracts to make them look more...

workout

Workout is an arrangement negotiated between a debtor and creditor to take care of a debt, by paying it off or through loan forgiveness. A workout agreement is a mutual agreement entered into by a borrower and a lender to reschedule the terms...

world wide web (www)

The World Wide Web (WWW), often known as WWW, W3, or the Web, is the most widely used software platform on the globe. Tim Berners-Lee proposed the architecture of what became the World Wide Web. It is an information-based environment where...

wrongful termination

Wrongful termination is a terminated employee's claim that the firing breached an employment contract or some public law.

Where an employment contract requires termination only for cause, a terminated employee can sue for arbitrary discharge....

Pages