Accession is prominent in two legal practice areas.
Accession in trusts and estates law are assets produced by a devised asset after the execution of a will. For example, ordinary repairs to a car become accessions, and merge...commercial law
accord and satisfaction
Accord and satisfaction refers to the agreement (accord) between two contracting parties to accept alternate performance to discharge a pre-existing duty between them and the subsequent performance (satisfaction) of that agreement. The new...
account stated
Account stated refers to a document summarizing the amount a debtor owes a creditor. An account stated is also a cause of action in many states that allows a creditor to sue for payment. In many business contexts, creditors and debtors have...
accounts payable
Accounts payable is short-term debt that a company owes to its suppliers for products received before a payment is made. Accounts payable may be abbreviated to “AP” or “A/P.” Accounts payable may also refer to a business department of a...
accredited investor
Under federal law, an accredited investor is a special kind of investor that due to certain special circumstances or qualities - as the ones indicated in Rule 501 of Regulation D - is allowed to purchase or be offered to purchase unregistered...
accrue
Accrue has two common definitions:
The accumulation of interest, income, or expenses. When a legal cause of action or legal claim comes into existence. The U.S. Supreme Court in Wallace v. Kato, 549 U.S. 384, 388 (2007), stated...accumulated earnings
Accumulated earnings represent a company’s net profit after having distributed dividends to the stockholders. It is often used in accounting to determine how much net profits a company has left after having paid dividends. To calculate...
actual damages
In tort law, actual damages, also known as compensatory damages, are damages awarded by a court equivalent to the loss a party suffered. If a party’s right was technically violated but they suffered no harm or losses, a court may instead...
addendum
An addendum is an addition to a finished document, such as a contract. The most common addendum is an attachment or exhibit at the end of such a document. For example, a contract to manufacture widgets may have an addendum listing the...
adhesion contract
An adhesion contract, also known as a contract of adhesion, is a contract where the parties are of such disproportionate bargaining power that the party of weaker bargaining power could not have negotiated for variations in the terms of the...