Week One Flashcards
Ab initio
From the (its) beginning. An act made void ab initio is deemed to have never had legal effect at any time.
Accede
To consent, agree or acquiesce
Acceptance
Unqualified agreement in response to an offer. Qualified or conditional agreement amounts to counteroffer, rather than acceptance.
Accommodation
Arrangement made as a favor to another, without consideration in return
Accrue
To arise, happen, come into being. To become due or actionable.
Advance
1) payment made prior to the time when it would otherwise become due.
2) preparatory work undertaken prior to a show or event to verify that the value, local advertising, local promotions, accommodations, and their logistical considerations have been completed and are ready.
Alienation
Transfer of title to property, voluntarily and completely. The right of alienation - ie the right to lawfully dispose of ones own property- is a fundamental right
Ambiguity
That situation which exists when contract language is subject to more than one legitimate interpretation, so that it’s 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 attorneys fees unless there is a contract which specifically provides for recovery of such fees, or a statute which authorizes an award of attorneys 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 or 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 a motion picture or music video
Bonus
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 of payments, will not exceed a stated fixed sum or percentage
Caveat
A warning. Literally “beware” (Latin)
Concurrent
At the same time. Simultaneously
Constitution
A fundamental, underplaying agreement which forms the foundation for all laws and governmental operations. In addition to the federal constitution, each state has its own constitution which governs that states laws.