breach of warranty

Breach of warranty is the violation of an express or implied contract of warranty, and thus it is a breach of contract. In other words, it occurs when the warrantor fails to provide the assurance warranted. A seller can expressly or implicitly assure...


A person or entity that arranges contracts and acts as an intermediary between a buyer and seller for a commission. A broker is an independent party to a transaction and should not be confused with an agent who acts on behalf of a...

Buy-sell agreement


A binding agreement used by sole proprietorships, partnerships and close corporations that governs what happens to an individual's ownership interest when that individual withdraws from the business, dies or becomes disabled. Also known as a...

Buyout agreement

Buyout agreement (also known as a buy-sell agreement) refers to a contract that gives rights to at least one party of the contract to buy the share, assets, or rights of another party given a specific event. These agreements can arise in a...

Call Option

A call option (often shortened to call) is a contract that allows its owner to buy an asset or service from the seller at a certain price until a certain date. The buyer never has to purchase the assets, and the option will terminate at the...


Definition from Nolo’s Plain-English Law DictionaryTo cross out or destroy a document by tearing it up, writing on its face that it is cancelled or void, or otherwise defacing it.

Definition provided by Nolo’s Plain-English Law Dictionary.


Definition from Nolo’s Plain-English Law DictionarySee: cancel

Definition provided by Nolo’s Plain-English Law Dictionary.


Definition from Nolo’s Plain-English Law DictionarySlang for maximum, as the most interest that can be charged on an adjustable rate promissory note.

Definition provided by Nolo’s Plain-English Law Dictionary.


In contract law, a person's ability to satisfy the elements required for someone to enter binding contracts. For example, capacity rules often require a person to have reached a minimum age and to have soundness of mind.


A cartel is a group of independent corporations or other entities that join together to fix prices, rig bids, allocate markets, or conduct other similar illegal activities. Cartel conducts are mainly subject to criminal penalties under United States...