week 1 Flashcards
Ab Initio
From the (its) beginning. an act made void is deemed to have never had legal effect at any time. (see also, “nune pro tune”)
ABC….Beginning of the alphabets
Accede
To consent, agree or acquiesce
Like 2 adults concenting to create a seed
Acceptance
To receive with approval or satisfaction. Acceptance (without condition or qualification) of an offer, plus consideration, results in a contract, under the doctrine of “offer and acceptance” . Generally, acceptance is either (a) express (or absolute); (b) conditional ; (c) implied or (d) qualified
Accommodation
Arrangement made as a favor to another’ without consideration in return. (see Consideration)
if I take you on a dat ima pay
Accrue
To arise, happen, come into being. To become due.
Advance
payment made prior to the time when it is legally due. see “advance provision”
Alienation
Transfer of title to property, voluntarily and completely. The right of alienation - i.e., the right to lawfully dispose of one’s own property - is a fundamental right.
Ambiguity
That situation which exists when contract language is subject to more than one legitimate interpretation, so that its intended meaning and effect is uncertain.
American Rule
Doctrine which provides that, in the United States, each party to a lawsuit must bear the expense of its own attorney’s fees unless there is a contract which specifically provides for recovery of such fees, or a statue which authorizes an award of attorney’s fees for the particular cause of action pled and proven.
As Is
In sales contracts, the statement that the subject matter is being conveyed in whatever condition it may then have, with the conveying party making no warranty as to its condition of suitability, and with the purchaser assuming all risk in regard to its usability.
Audiovisual
Referring to a work comprised of both sounds and visual images, such as motion picture or music video. (See “sync license”
Bonus
A non-refundable, non-recoupable payment which is not deducted from or credited toward earned royalties.
Cap
Common term for maximum, usually established within a contract by a statement that some calculated payment, or accumulation for payments, will be for no more than a fixed sum or percentage.
Caveat
A warning. Literally, “beware” (Latin)
Concurrent
At the same time.
Constitution
The fundamental, underlying agreement which forms the foundation for all laws and governmental operations.
Construction
The act of interpreting, analyzing, and determining the intended meaning of a legal writing such as a contract or statue.
Contingency
Some eventuality which might not occur, but for which some pre-planning is nonetheless prudent.
Covenant
An enforceable promise, generally memorialized within a contract or recorded instrument.