COMMERCE

Excise is defined as an indirect ad valorem tax imposed on goods produced or sold within a country. 

[Last reviewed in January of 2022 by the Wex Definitions Team]

Excise Tax is a tax on a specific item, belonging to a special class of items. The classes of items are frequently specialty or luxury items, such as tobacco, fuel, and alcohol. Such taxes may be imposed on the manufacturer, retailer, or consumer, depending on the specific tax. Some excise taxes, such as property taxes and excise tax penalties on certain retirement account activity, can be levied directly from the customer.

Exclusive dealing arrangements are contracts in which a seller agrees to sell all or a substantial portion of their products or services to a particular buyer, or when a buyer similarly agrees to purchase all or a portion of their requirements of a product or service from a particular seller. Because exclusive dealing arrangements restrict trade, they are subject to antitrust liability under the

Exclusive license allows a licensor to share intellectual property with a licensee for a specific period of time that usually binds the licensor to not share the property with anyone else.

An exculpatory clause is a provision in a contract that releases or limits one party’s liability for certain damages. These clauses are commonly found in consumer contracts, such as amusement park waivers, gym memberships, rental agreements, or transportation tickets.

To execute means to carry out or perform an action or obligation, such as executing a contract, order, or judgment; to sign or complete the formal requirements necessary to make a legal document effective, such as signing and 

Execution means to carry out, perform, or complete an action or obligation, as in the execution of an order or decree.

Executory refers to something (generally a contract) that has not yet been fully performed or completed and is therefore considered imperfect or unassured until its full execution. Anything executory is started and not yet finished, or is in the process of being completed in order to take full effect at a future time.

An exempt offering is a securities offering in which the issuer is not required to register the securities with the Securities and Exchange Commission (SEC) under the 

Expectancy, in property and estate law, refers to a non-vested anticipation of receiving property in the future, such as the possible inheritance of an heir apparent