contracts

abrogate

To abrogate is to formally annul or repeal a law through an act of legislation, constitutional authority, or custom. For example, the Supreme Court of Michigan explained in Ferency v. Secretary of State that “an existing constitutional...

absolute-bar rule

Definition

A rule preventing a creditor who sells collateral in a commercially unreasonable manner, e.g. without giving reasonable notice to the debtor, from obtaining a deficiency judgment.

Illustrative caselaw

See, e.g. Beardmore v....

abusive discharge

Definition

A fired employee's claim that the firing breached some public policy of the state. Abusive discharge claims are often brought when no claim for breach of contract or violation of a statute can be alleged. Instead of relying on an...

acceleration clause

Definition

An accelerated clause is a term in a loan agreement that requires the borrower to pay off the loan immediately under certain conditions.

Overview

An accelerated clause is typically invoked when the borrower materially breaches the...

accept

Accept means to receive something with approval (i.e., consent) and intention to keep it. This use usually arises in the context of accepting a payment which is late or not complete, or accepting the service (delivery) of legal papers.

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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...

accord

Definition

1) A harmonious agreement, especially between countries.

2) An offer to substitute a different obligation for one that was previously owed, plus the acceptance of that offer. Either of the parties involved can propose an accord...

accord and satisfaction

Definition

An agreement (accord) between two contracting parties to accept alternate performance to discharge a preexisting duty between them and the subsequent performance (satisfaction) of that agreement. An accord and satisfaction differs from a...

account debtor

Definition

Someone who owes an obligation by virtue of an account, chattel paper, or general intangible.

Illustrative caselaw

See, e.g. Nickey Gregory Co., LLC v. AgriCap, LLC, 597 F.3d 591 (4th Cir. 2010).

See also

Secured...

account receivable

Definition

See accounts receivable.

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