commercial transactions
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...
Accession
Definition
1) In trusts and estates law, assets produced by a devised asset after the execution of a will.
2) In secured transactions law, goods that physically united with other goods in a way that doesn't lose the identity of the original goods...
Adhesion Contract (Contract of Adhesion)
Overview
An adhesion contract (also called a "standard form contract" or a "boilerplate contract") is a contract drafted by one party (usually a business with stronger bargaining power) and signed by another party (usually one with weaker...
Arm's Length
Definition
Of or relating to transactions between two parties who are independent and do not have a close relationship with each other. Presumably, these parties have equal bargaining power and are not subject to undue pressure or influence from...
Attorney Work Product
Definition
Written or oral materials prepared by or for an attorney in the course of legal representation, especially in preparation for litigation. Generally, an opposing party may not discover or compel disclosure of work product. In limited...
Banking
banking: an overview
Banks and bank accounts are regulated by both state and federal statutes. Bank accounts may be established by national and state chartered banks and savings associations. All are regulated by the law under which they were...
bargain
Definition from Nolo’s Plain-English Law DictionaryA mutual agreement between two parties that is voluntary and involves the exchange of consideration (money, goods, services, or a promise to do something). If the agreement involves an illegal transaction...
bilateral contract
Definition from Nolo’s Plain-English Law DictionaryA contract in which both parties exchange promises to perform. Compare: unilateral contract
Definition provided by Nolo’s Plain-English Law Dictionary.
bill of sale
Definition from Nolo’s Plain-English Law DictionaryA written statement attesting to the transfer (sale) of goods, possessions, or a business to a buyer. It is useful to show that the buyer now has ownership and to detail what was actually purchased. A...