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Law

Of or pertaining to the system of rules which a particular country or community recognizes as regulating the actions of its members and which it may enforce by the imposition of penalties.

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Law > Contracts

back to back guarantee

Law; Contracts

Alternative term for back to back credit.

able

Law; Contracts

Party capable of meeting its obligation(s) under a contract, as in the phrase "ready, willing, and able."

about

Law; Contracts

Not very exact. In commercial documents, 'about' is taken to mean a difference (tolerance) not more or less than 10 percent of the stipulated amount, quantity, or unit price. See ...

absolute assignment

Law; Contracts

Assignment in which all (and not merely a portion of) benefits, liabilities, and/or rights are transferred by one party to another, without any pre-condition. See also collateral ...

abusive draw

Law; Contracts

Cashing of a bond or guarantee by its obligee although no breach of the underlying agreement or contract has been committed by the obligor.

accord and satisfaction

Law; Contracts

Agreement between two parties to a contract, in which one party (which has a legal claim against the other) releases the other party from its obligations in return for some form ...

acceptance

Law; Contracts

1. Agreements: Granting of an unqualified consent (whether express or implied) to the terms of a contract by the involved parties. When an offer is received, it is either accepted ...