Contract Note - Law Dictionary Search Results
Home Dictionary Name: contract note Page: 4 Page 4 of about 61 results (0.003 seconds)conversion
conversion 1 a : the act of changing from one form or use to another b : the act of exchanging one kind of property for another ;esp : the act of exchanging preferred stocks or bonds for shares of common stock of the same company usually at a preset ratio or price and at a preset time equitable conversion : the constructive conversion of real property into personal property esp. as a result of a contract for sale of land or testamentary instructions to sell real estate and divide the proceeds NOTE: Equitable conversion is a legal fiction under which the seller of a real property becomes, upon the execution of a contract for the sale of the property, the owner of personal property in the form of legal title to the property that secures payment of the purchase price. The purchaser is deemed to be the holder of equitable title in and owner of the real property, having the rights and being subject to the liabilities that attend that status. In the case of a will in which a property ...
stipulation pour autrui
stipulation pour autrui [French, stipulation for other persons] in the civil law of Louisiana : a contract or provision in a contract that confers a benefit on a third-party beneficiary NOTE: A stipulation pour autrui gives the third-party beneficiary a cause of action against the promisor for specific performance. In order for a third party to be a third-party beneficiary of a stipulation pour autrui there usually has to be a legal or factual relationship between the stipulator and the beneficiary. ...
age of majority
age of majority :the age at which a person is granted by law the rights (as ability to sue) and responsibilities (as liability under contract) of an adult compare emancipate NOTE: At common law, the age of majority was 21. Age of majority is now set by statute, in most states at 18. The age at which a person may perform various acts, as legally drink alcoholic beverages, make a binding contract, or make a valid will, does not necessarily correspond with the age of majority. ...
closing
closing : the fulfillment or performance of a contract esp. for the sale of real estate ;also : a meeting at which the closing of a contract takes place [represented us at the ] NOTE: At the closing for the completion of the sale of real property, the purchase price is paid and title is transferred to the purchaser or mortgagor. ...
family
family pl: -lies 1 : a group of individuals related by blood, marriage, or adoption 2 : a group of usually related individuals who live together under common household authority and esp. who have reciprocal duties to each other NOTE: The interpretation of the word family in a law context depends upon the area of the law concerned (as contract or zoning law), the purpose of the document (as a statute or contract) in which it is used, and the facts of the case. Often for zoning purposes, the occupants of a group home are considered a family if the organization is like that of a family or if the home is going to be a permanent rather than a transitional residence for the occupants. fa·mil·ial [fə-mil-yəl] adj ...
future
future : a contract traded on an exchange in which a party agrees to buy or sell a quantity of a bulk commodity (as soybeans) at a specified future date and at a set price usually used in pl. NOTE: If the price of the commodity has gone up when the future date arrives, the buyer in the contract profits. If the price has gone down, the seller profits. ...
procedural unconscionability
procedural unconscionability : unconscionability that derives from the process of making a contract rather than from inherent unfairness or unreasonableness in the terms of the contract compare substantive unconscionability NOTE: Procedural unconscionability is based on factors, such as consumer ignorance or a great deal of unexplained fine print, that serve to deprive a party of a meaningful choice. ...
replevin
replevin [Anglo-French replevine, from replevir to give security, from Old French, to give security for, from re- back + plevir to pledge] : an action originating in common law and now largely codified by which a plaintiff having a right in personal property claimed to be wrongfully taken or detained by the defendant seeks to recover possession of the property and sometimes to obtain damages for the wrongful detention ;also : a procedure allowing the plaintiff as a provisional remedy to take possession of the property prior to judgment on the action NOTE: Under section 2-716 of the Uniform Commercial Code, a buyer who is a party to a contract that has been breached by the seller has a right of replevin for goods that are identified to the contract if cover cannot reasonably be effected. vt : replevy ...
repudiation
repudiation : the rejection or renunciation of a duty or obligation (as under a contract) ;esp : anticipatory repudiation NOTE: A party aggrieved by a repudiation may consider a repudiated contract to have been breached and bring an action for relief. ...
undue influence
undue influence : improper influence that deprives a person of freedom of choice or substitutes another's choice or desire for the person's own compare coercion, duress, necessity NOTE: It is a doctrine of equity that a contract, deed, donation, or testamentary disposition can be set aside if the court finds that someone has exercised undue influence over the maker at the time that the contract, conveyance, or will was made. To establish a prima facie case it is usually necessary to show a susceptibility to undue influence (as from mental impairment), the opportunity and disposition on someone's part to exercise such influence, and that the transaction would not have been made except for the undue influence. ...
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