To formally annul or repeal a law through an act of the legislature, constitutional authority, or custom. In contract and insurance law, it is to rescind or terminate a contract.
In constitutional law, the abrogation doctrine...
contracts
Abrogate
Definitions
Absolute-Bar Rule
Definition
A rule preventing a creditor who sells collateral in a commercially unreasonable manner, e.g. without giving reasonable notice to the debtor, from obtaining a deficiency judgment.
Illustrative caselawSee, e.g. Beardmore v. American...
Abusive Discharge
Definition
A fired employee's claim that the firing breached some public policy of the state. Abusive discharge claims are often brought when no claim for breach of contract or violation of a statute can be alleged. Instead of relying on an employment...
Acceleration Clause
Definition
An accelerated clause is a term in a loan agreement that requires the borrower to pay off the loan immediately under certain conditions.
OverviewAn accelerated clause is typically invoked when the borrower materially breaches the loan...
Accept
See alsoAcceptance
Acceptance
Definition
Assent to the terms of an offer. Acceptance must be judged objectively, but can either be expressly stated or implied by the offeree's conduct. To form a binding contract, acceptance should be relayed in a manner authorized, requested, or...
Accord
Definition
1) A harmonious agreement, especially between countries.
2) An offer to substitute a different obligation for one that was previously owed, plus the acceptance of that offer. Either of the parties involved can propose an accord. If...
Accord and Satisfaction
Definition
An agreement (accord) between two contracting parties to accept alternate performance to discharge a preexisting duty between them and the subsequent performance (satisfaction) of that agreement. An accord and satisfaction differs from a...
Account Debtor
Definition
Someone who owes an obligation by virtue of an account, chattel paper, or general intangible.
Illustrative caselawSee, e.g. Nickey Gregory Co., LLC v. AgriCap, LLC, 597 F.3d 591 (4th Cir. 2010).
See alsoSecured transactions
Account Receivable
Definition
See accounts receivable.