contracts

Under Article 2 of the Uniform Commercial Code (UCC), the perfect tender rule allows a buyer to reject goods if the seller's delivery fails in any way to conform

• contract law

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)).

• secured transactions

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 are services that depend on the unique skills, judgment, or abilities of a particular individual; and therefore cannot be readily performed by a substitute. Examples include services provided by actors, musicians, athletes, and other professionals whose performance is closely tied to their personal talents. 

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.

Pledge is a promise or, in secured transactions, a possessory security interest in personal property used as collateral

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.