Perfected refers to security interests that have been established publicly through one of the methods of perfection to gain priority. Among competing security interests, a security that is perfected will prevail over other unperfected security interests (see U.C.C. § 9-322(a)).
Perfection is the process of publicly establishing a security interest in collateral for purposes of gaining priority. Among competing security interests, a security that is perfected will prevail over other unperfected security interests (see U.C.C. § 9-322(a)).
To perform is to work towards completing a party’s obligations under in a contractual agreement. In any contract, one party makes a promise in exchange for either a return promise or the performance of some action. Each party must perform their obligation to effectively discharge the contract.
In contract law, there must be consideration for the contract to be enforceable. In some contracts, this means that one party promises something in exchange for a performance from second party. The action of completing that performance fulfills the second party’s obligations in the contract. For example, one party may promise to pay another party $100 if a second party paints their house.
Personal services, in contract law, refers to the special and oftentimes unique abilities and talents of individuals that cannot be replaced by the abilities and talents of another person. Therefore, personal services are more greatly valued than general labor. A contract for personal services usually imposes a duty to render the service, as well as a duty to forbear from rendering the service to a competitor.
Plain-language law is a type of law that requires consumer contracts to be written in nontechnical, easily understood language. Such contracts may include residential leases, loan agreements, software licenses, and insurance contracts.
Power of acceptance refers to the ability of one person to accept another person’s offer that is legally binding. The issue of power of acceptance arises most in contract law when disagreements arise over whether a contract offer actually was accepted. When someone extends an offer to another, it can be limited to a specific amount of time and can be revocable unless otherwise stated. If someone declines an offer or makes a counter-offer, the power of acceptance is terminated by the person for the original offer.
In some professions, a small business is called a practice rather than business, store, shop, etc. The term is often interchangeable with “office.” Practice is most commonly used by those who operate their own legal or medical business, such as a law practice or a chiropractic practice. Generally, only businesses of a smaller size refer to their business as a practice. For example, a law business that has many employees would most likely be called a firm, not a practice.
A principle under contract law that states that if a party to a contract is under a pre-existing duty to perform, then no consideration is given for any modification of the contract and the modification is therefore voidable.
