commercial transactions

Accept

See alsoAcceptance

Acceptance

Definition

Assent to the terms of an offer. Acceptance must be judged objectively, but can either be expressly stated or implied by the offeree's conduct. To form a binding contract, acceptance should be relayed in a manner authorized, requested, or...

Accession

Definition

1) In trusts and estates law, assets produced by a devised asset after the execution of a will.

2) In secured transactions law, goods that physically united with other goods in a way that doesn't lose the identity of the original goods...

Adhesion Contract (Contract of Adhesion)

Overview

An adhesion contract (also called a "standard form contract" or a "boilerplate contract") is a contract drafted by one party (usually a business with stronger bargaining power) and signed by another party (usually one with weaker...

Arm's Length

Definition

Of or relating to transactions between two parties who are independent and do not have a close relationship with each other. Presumably, these parties have equal bargaining power and are not subject to undue pressure or influence from...

Attorney Work Product

Definition

Written or oral materials prepared by or for an attorney in the course of legal representation, especially in preparation for litigation. Generally, an opposing party may not discover or compel disclosure of work product. In limited...

Banking

banking: an overview

Banks and bank accounts are regulated by both state and federal statutes. Bank accounts may be established by national and state chartered banks and savings associations. All are regulated by the law under which they were...

bargain

1.In contract law, a bargain is a voluntary agreement between two parties in exchange for consideration. Consideration, here, can be money, goods, services, or a promise to do something. For example, if someone agrees to clean a bedroom in exchange...

bilateral contract

A bilateral contract is a contract in which both parties exchange promises to perform. One party’s promise serves as consideration for the promise of the other. As a result, each party is an obligor on that party’s own promise and an obligee on the...

bill of sale

Similar to a receipt, a bill of sale is a written instrument that attests to a buyer’s purchase of property from a seller. A bill of sale generally includes the transacting parties’ contact information, a description of the item...

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