An agent is a person authorized to act on behalf of another person. The party an agent is authorized to act for is known as the principal. A principal-agent relationship can either be intentionally created or created by implication through...
COMMERCE
agent for acceptance of service
See: agent for service of process
[Last updated in March of 2022 by the Wex Definitions Team]
agent for service of process
An agent for service of process is the person designated by a business entity, such as a corporation or limited liability company (LLC), to receive legal documents and lawsuits on behalf of the business entity within the state in which the...
AGI
AGI is an acronym for adjusted gross income.
Adjusted Gross Income (AGI) is defined as the gross income earned by an individual minus several adjustments made to that income, such as trade and business deductions. Gross...
agreement
An agreement is a manifestation of mutual assent by two or more persons to one another.
It is a meeting of the minds in a common intention, and is made through offer and acceptance. An agreement can be shown from words, conduct, and in some...
agricultural lien
As established in UCC §9 102-5, an agricultural lien is a lien placed on farm products like farm equipment or livestock that secures payment or performance in exchange for a loan of land, goods, or money. These loans allow farmers to produce...
agriculture
Agriculture refers to the acts of farming and raising livestock. Activities that fall within agriculture include soil preparation, seed planting, crop harvesting, gardening, viticulture (growing grapes), apiculture (bee-raising), dairying,...
alcohol
Alcohol is a set of chemical compounds consumed as a liquid by individuals for its intoxicating effect or used in industrial projects for its other unique properties.
Absent any specific regulation, alcohol is treated like...
aleatory
“Aleatory” means that something is dependent on an uncertain event, a chance occurrence. Aleatory is used primarily as a descriptive term for insurance contracts. An aleatory contract is a contract where performance of the promise is...
algorithm
An algorithm is a set of rules or a computational procedure that is typically used to solve a specific problem. In the case of Vidillion, Inc. v. Pixalate Inc. an algorithm is defined as “one or more process(es), set of rules, or methodology...