societas (s[schwa]-sI-[schwa]-tas), n. [Latin] Roman law. A partnership between two or more people agreeing to share profits and losses; a partnership contract. “Societas in its widest acceptation denotes two or more persons who unite or combine for the prosecution of a common object; in its more restricted sense it denotes a mercantile partnership …, the […]
impasse (im-pas). A point in labor negotiations at which agreement cannot be reached. • A neutral third party (such as a mediator) is often called in to help resolve an impasse. “Not only is the employer free after impasse to implement changes already offered to the union, but either party is free after impasse to
nonaggression pact. Int’l law. A treaty in which two or more countries agree not to engage in aggressive military operations against one another. — Also termed nonaggression treaty.
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perfection. Validation of a security interest as against other creditors, usu. by filing a statement with some public office or by taking possession of the collateral. Cf. ATTACHMENT(4). [Cases: Secured Transactions 81–96, 138–145. C.J.S. Secured Transactions §§ 3, 50–51, 53–77, 88, 90–102, 105–107, 118.] automatic perfection. The self-operative perfection of a purchase-money security interest without
course of performance. A sequence of previous performance by either party after an agreement has been entered into, when a contract involves repeated occasions for performance and both parties know the nature of the performance and have an opportunity to object to it. • A course of performance accepted or acquiesced in without objection is
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A listing providing that the agent agrees to sell the owner’s property for a set minimum price, any amount over the minimum being retained by the agent as commission. — Also termed net sale contract. [Cases: Brokers 40. C.J.S. Brokers §§ 117–120, 125, 143.]
The agreement of both parties to a contract to be bound in some way. — Also termed mutuality of contract. See mutual assent under ASSENT. [Cases: Contracts 10. C.J.S. Contracts § 108.]
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fine print. The part of an agreement or document — usu. in small, light print that is not easily noticeable — referring to disclaimers, restrictions, or limitations.
A treaty forbidding the transfer of nuclear weapons from a country with a nuclear arsenal to one that does not have nuclear-weapons capability. • The first such treaty was concluded in 1968, and now more than 100 nations have agreed to its terms. — Also termed nuclear-nonproliferation treaty.
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haec est conventio (heek est k[schwa]n-ven-shee-oh). [Law Latin] Hist. This is the agreement. • These formal words commonly prefaced written agreements.
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