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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

open procedure

Law; Contracts

Bidding practice whereby vendors can submit bids going through a selection process.

open tender

Law; Contracts

A bidding process that is open to all qualified bidders and where the sealed bids are opened in public for scrutiny and are chosen on the basis of price and quality. Also called ...

building loan

Law; Contracts

Loans underwritten by McDonald's Franchise Finance Building Company to be used exclusively by qualified McDonald’s Franchisees for financing the costs of building improvements.

latent defect

Law; Contracts

A hidden flaw, weakness or imperfection in an article which a seller knows about, but the buyer cannot discover by reasonable inspection. It includes a hidden defect in the title ...

general partner

Law; Contracts

A general partner has responsibility for the actions of the business, can legally bind the business and is personally liable for all the business's debts and obligations.