Franchise Lawyer | Franchise Attorney | Franchise Consultant | Franchise Specialist | Franchise Counseling | Franchisor Lawyer | Franchisee Attorney | Franchising

Home   Our Firm   Practice Areas   Our Lawyers   Industry Specialties   News & Events   eResources   Contact Us

Business Glossary > > >  General Legal   ADA    Franchise    Class Action    Banking & Financial    Corporate    Employment    Entertainment    Intellectual Property    Internet    Litigation    Real Estate    A  |   B  |   C  |   D  |   E  |   F  |   G  |   H  |   I  |   J  |   K  |   L  |   M  |   N  |   O  |   P  |   Q-R  |   S  |   T  |   U-V  |   W-Z  |   A Acceptance: The unconditional agreement to an offer. This creates the contract. Agent: Somebody appointed to act on the behalf of another person (known as the principal). Arbitration: Using an independent third party to settle disputes without going to court. Back to Top B Breach of Contract: Failure by one party in a contract to uphold their part of the contract. A breach of contract can lead to the entire contract being voided and damages awarded due to the failure. Back to Top C Collective Agreement: Agreements made between employees and employers, usually involving trade unions. They often cover more than one organization. Comfort Letters: Documents issued to back up an agreement, but do not have any contractual standing alone. Company Seal: Embossing press used as a company's signature when accompanied by two officials' signatures. Conditions: Major terms in a contract. Confidentiality Agreement: An agreement made specifically to protect the confidentiality of information disclosed to a third party. Consideration: In a contract each side must give some form of consideration to each other. It can be anything of value to the other party. Consumer: A person who buys goods or services, not as part of their business. Back to Top D Due Diligence: The formal process of investigating the background of a company, before buying it. Back to Top E Employment Contract: A contract between an employer and employee. Exclusion Clauses: Clauses in a contract, intended to exclude one party from liability to the other party. Exemption Clauses: Clauses in a contract, intended to restrict the liability of the party that writes them. Express Terms: The terms that are actually stated in the contract. Back to Top F Franchising: Commercial agreements that allow one business to deal with products/services under the control of another business. Back to Top G Going Concern: Accounting idea that a business should be valued on the basis that it will be continuing to trade and able to use its assets for their intended purposes. Back to Top H Back to Top I Implied Terms: Terms and clauses that are implied in a contract by law or custom and practice without being mentioned by either party. Incorporate: Inclusion in, adoption of, some term or condition as part of the contract. Injunction: Remedy, sometimes awarded by the court that stops some action being taken. Back to Top J Joint and Severally Liability: Where parties act together in a contract like partners being responsible together, each is liable individually for entire contract. Joint Venture: Agreement between two or more independent businesses in a business enterprise. Jurisdiction: A jurisdiction clause sets out the country, state, or local laws that will govern the contract, its execution, and any legal action that takes place as a result of it. Back to Top K Back to Top L Liability: A person or business deemed liable and subject to legal obligation. Limited Liability: Limited companies where the owner's liability to pay the debts of the company is limited to value of their shares. Liquidation: The formal breaking up of a company or partnership by releasing the assets of the business. Back to Top M Misrepresentation: One party to a contract makes a false statement of fact to the other which that one person relies on. Back to Top N Non-Executive Director: A director who does not work directly for the company, but advises the other directors. Back to Top O Offer: An offer to contract must be made with intention to create, if accepted, a legal relationship. Back to Top P Parent Company: One company owns more than 50 percent of another company. Partnership: Two or more people (or companies) join together to carry on a business. Proxy: Person who acts on behalf of another, for a specific purpose. Back to Top Q-R Quorum: The minimum number of people needed at a meeting for it to proceed and make decisions. Ratification: Giving authority to an act that has already been done. Registered Office: The official address of the company as stated in the register at the Companies House. Repudiation: Two meanings in contract law. First, where a party refuses to comply with a contract and this amounts to a breach of contract. Secondly, contract was made by minor, then voided. Restrictive Covenant: Often included in long-term contracts, to stop parties working with competitors during the period of the agreement and some time thereafter. Back to Top S Service Contract: Directors and officers of a company are given service contracts that are different from others. Shareholder's Agreement: Agreement between all of the shareholders about how the company should run and the application of the shareholder rights. Subject to Contract: Words used on documents exchanged by parties during the contract negotiations. Back to Top T Trademark: Registered name or logo that is protected by law. Back to Top U-V Underwriter: Person who signs as party to a contract. Unfair Terms: Sone terms are made unfair by legislation and will not be enforced by the courts. Void: A void contract is one that cannot be performed or completed at all. Back to Top W-Z Warranties: Promises made in a contract, less than a condition. Back to Top

Lawyer  |   Class Action Defense Attorney  |   Franchise Consultant  |   Fran Lawyer  |   Fran Attorney  |   Franchise Specialist  |   ADA Compliance Defense Lawyer  |   Attorney