Home > Industry/Domain > Law

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.

10Categories 58465Terms

Add a new term

Contributors in Law

Become a Contributors

Law > Contracts

firm commitment

Law; Contracts

Oral or written commitment under which a party voluntarily binds itself to a certain offer or performance of an act for a specified period.

adequate competition

Law; Contracts

In bidding and contracting arrangements, adequate competition exists if (1) bids are solicited from at least two 'responsible bidders,' (2) each of whom can satisfy the contract's ...

adequate consideration

Law; Contracts

The price stipulation within a contract that establishes equivalence in the exchange of value in the form of money, goods or services. Any exchange of value that is deemed not to ...

adhesion contract

Law; Contracts

Boilerplate contract, prepared entirely by the party with preponderant bargaining power, and offered to the weaker party on (in effect) a 'take it or leave it' basis. Most ...

administrative change

Law; Contracts

Written, unilateral change in the terms of a contract which does not affect the substantive rights of any party to that contract.

advance commitment

Law; Contracts

An agreement or promise to take some type of future action, such as a promise by a buyer to purchase goods at a price that is set beforehand.

advance payment bond

Law; Contracts

Guarantee supplied by a party receiving an advance payment to the party advancing the payment. It provides that the advanced sum will be returned if the agreement under which the ...