contracts

Artisan's Lien

A type of lien that gives workers a security interest in personal property until they have been paid for their work on that property. Essentially, a mechanic's lien by another name.

As Is

“As is” refers to a term used in sales contracts where the buyer agrees to buy a product in its current condition, without legal recourse should the buyer discover a defect in the product after purchase. The buyer should be able to view and...

Assign

To transfer rights, property, or other benefits to another party (the “assignee”) from the party who holds such benefits under contract (the “assignor”). This concept is used in both contract and property law.

Contract Law

Under...

Assignee

A person to whom a property right is transferred by the person holding such rights under contract (the “assignor”). The act of transferring is referred to as “assigning” or “assignment” and is a concept used in contract and property law.

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Assignment

Assignment is a legal term whereby an individual, the “assignor,” transfers rights, property, or other benefits to another known as the “assignee.” This concept is used in both contract and property law. The term can refer to either the act of...

Assignment for Benefit of Creditors

Assignment for the benefit of the creditors (ABC)(also known as general assignment for the benefit of the creditors) is a voluntary alternative to formal bankruptcy proceedings that transfers all of the assets from a debtor to a trust for...

Assumable Mortgage

A type of financing in which one person may take over the mortgage from another. For example, Buyer 1 wants to buy a house, so he takes out a mortgage (borrows money from the bank to pay for the house). If Buyer 1 wants to sell the house to Buyer 2...

Assume

To assume means to undertake. Generally, in legal contexts, to assume means to take over a certain duty or responsibility. For example, Alice may assume Bob’s liability for a debt (Alice may take over Bob’s debt).

In...

Assumption

An assumption is an assertion or statement that is taken as true or supposed as a fact without proof or substantiating evidence. An assumption may also be the act of taking over (another individual or entity’s) duty or responsibility.

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At-Will Employment

At-will employment is an employment arrangement in which the employee may quit at any time, and the employer may fire the employee for any reason and at any point, so long as the dismissal isn’t for an unlawful reason. For example, an...

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