contracts

Adjustable Rate Mortgage (ARM)

A mortgage loan where the interest rate may change in accordance with designated market indicator (such as the LIBOR), as opposed to a set interest rate (such at 6% annually).

Adjustment

Adjustment is a settlement, allowance, or deduction made on a debt or claim that has been objected to by a debtor or creditor in order to establish an equitable arrangement between the parties.

For tax returns, an IRS-...

Administer

Administer means to carry out a task or give something to someone. Administer appears in a variety of contexts in the legal field. For example:

A trustee administers the assets of an estate by dispersing, selling, or managing the...

Adultery

A form of extramarital sex between a married person and a person who is not a party to the marriage. In a fault-based divorce scheme adultery is grounds for divorce. In some states, adultery may be a factor in property distribution and/or a...

Advance

Definition from Nolo’s Plain-English Law DictionaryA type of loan or payment in which money is paid ahead of time, in anticipation of repayment or other future adjustment. For example, paying for goods before they are shipped.

Definition provided by...

Agreement

An agreement is a manifestation of mutual assent by two or more persons to one another.

It is a meeting of the minds in a common intention, and is made through offer and acceptance. An agreement can be shown from words, conduct, and in some...

Agricultural Lien

An interest in farm products (such as wheat, corn, or soybeans or livestock) that secures payment or performance of an obligation for goods, services, or rental on real property that an individual or organization leases in connection with farming...

Ambiguity

Ambiguity means language in an agreement has more than one meaning. Cases such as this one from New York explain that ambiguity in the context of a contract is defined as “whether a reasonably intelligent person looking at the contract...

Amend

To amend is to change by adding, subtracting, or substituting. One can amend a statute, a contract, the Constitution of the United States, or a pleading filed in a law suit.

For example, Article V of the...

Amortization

Definition from Nolo’s Plain-English Law Dictionary(1) A periodic payment plan to pay a debt (such as a mortgage or car loan) by a certain date, in which interest and a portion of the principal is included in each payment. Payments are usually calculated...

Pages