A type of debt-creating instrument, such as a promissory note, that is not secured by a physical asset or other collateral. Companies and governments often rely on this type of instrument in order to secure capital.
In the law of contracts, a written paper that is one of several documents that constitute a contract, such as a written offer and a written acceptance. If the parties are in different localities, often a contract is executed in several counterparts that are the same, but each counterpart is signed by a different party.
The rejection of an offer to enter into a contract that simultaneously makes a different offer, changing the terms of the original offer in some way. For example, if a buyer offers $5000 for a used car, and the seller replies that he wants $5500, the seller has rejected the buyer's offer of $5000 and has made a counteroffer to sell at $5500. The legal significance of a counteroffer is that it completely voids the original offer.
The amount of money damages that will be awarded when a contract has been breached by the failure to perform; the cost will reflect the amount of money required to finish the job. For example, when a general contractor breaches a contract by not completing a house, the cost of completion is the actual cost of bringing in a new builder to complete the construction.
A person who signs his or her name to a loan agreement, lease, or credit application. If the primary debtor does not pay, the cosigner is fully responsible for the loan or debt. Many people use cosigners to qualify for a loan or credit card. Landlords may require a cosigner when renting to a student or someone with a poor credit history.
To sign a document -- such as a promissory note or lease -- along with another person in order to share responsibility for the obligation.
A rule that allows you to cancel a contract within a specified time period (typically three days) after signing it. Federal cooling-off rules apply this three-day grace period to sales made anywhere other than a seller's normal place of business. Various states have cooling-off rules that sometimes apply even longer cancelation periods to specific types of sales, such as dancing lessons and timeshares.
The power to direct, regulate, manage, oversee, or restrict the affairs, business, or assets of a person or entity.