business law

Arm's Length


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...


Debt that has accumulated and that has not yet been paid upon the due date. See arrearages.



A paragraph or section of a legal document or statute.

Articles of Incorporation


The highest governing document in a corporation. Also known as the corporate charter, it generally includes the purpose of the corporation, the type and number of shares, and the process of electing a board of directors. The articles of...

Articles of Organization


Document required to be filed with a designated official, usually the Secretary of State, to legally register a Limited Liability Company (LLC). Since LLCs are governed by state law, the information required to be in the Articles of...

Artificial Person

An entity established by law and given at least some legal rights and duties of a human being. Corporations are the most common types of artificial persons.

See [[legal person]]; cf. natural person.

Artisan's Lien

A type of lien that gives workers a security interest in personal property until they have been paid for their work on that property. Essentially, a mechanic's lien by another name.

As Is

“As is” refers to a term used in sales contracts where the buyer agrees to buy a product in its current condition, without legal recourse should the buyer discover a defect in the product after purchase. The buyer should be able to view and...


To transfer rights, property, or other benefits to another party (the “assignee”) from the party who holds such benefits under contract (the “assignor”). This concept is used in both contract and property law.

Contract Law



A person to whom a property right is transferred by the person holding such rights under contract (the “assignor”). The act of transferring is referred to as “assigning” or “assignment” and is a concept used in contract and property law.