Accord and satisfaction refers to the agreement (accord) between two contracting parties to accept alternate performance to discharge a pre-existing duty between them and the subsequent performance (satisfaction) of that agreement. The new...
contracts
account debtor
An account debtor is someone who owes an obligation by virtue of an account, chattel paper, or general intangible.
See, e.g. Nickey Gregory Co., LLC v. AgriCap, LLC, 597 F.3d 591 (4th Cir. 2010).
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account receivable
Accounts receivable (abbreviated A/R) is money owed to a business by another business or individual in exchange for property or services that were provided on credit. The settlement of an account receivable begins by sending an invoice to the...
account stated
Account stated refers to a document summarizing the amount a debtor owes a creditor. An account stated is also a cause of action in many states that allows a creditor to sue for payment. In many business contexts, creditors and debtors have...
accounts payable
Accounts payable is short-term debt that a company owes to its suppliers for products received before a payment is made. Accounts payable may be abbreviated to “AP” or “A/P.” Accounts payable may also refer to a business department of a...
accounts receivable
Accounts receivable (abbreviated A/R) is money owed to a business by another business or individual in exchange for property or services that were provided on credit. The settlement of an account receivable begins by sending an invoice to...
accrue
Accrue has two common definitions:
The accumulation of interest, income, or expenses. When a legal cause of action or legal claim comes into existence. The U.S. Supreme Court in Wallace v. Kato, 549 U.S. 384, 388 (2007), stated...act of God
An act of God refers to a severe, unanticipated natural event for which no human is responsible. Despite its facial religious connections, the usefulness of the term means “act of God” is frequently used in otherwise secular statutory and...
act of nature
Act of nature, also known as act of God, is an event that is caused solely by the forces of nature without human intervention. Any accident that is not under human control, influence, or human involvement, and is caused purely by the direct,...
actual authority
Actual authority is an agent's power to act on behalf of a principal, because such power was expressly or impliedly conferred. Express actual authority is when a principal directly tells the agent that they have the authority to take certain...