A depositor’s check drawn on a bank that guarantees the availability of funds for the check. • The guarantee may be by the drawee’s signed agreement to pay the draft or by a notation on the check that it is certified. [Cases: Banks and Banking 145. C.J.S. Banks and Banking §§ 364–368.]
liquidate, vb. 1. To settle (an obligation) by payment or other adjustment; to extinguish (a debt). 2. To ascertain the precise amount of (debt, damages, etc.) by litigation or agreement. 3. To determine the liabilities and distribute the assets of (an entity), esp. in bankruptcy or dissolution. 4. To convert (a nonliquid asset) into cash.
drilling contract. Oil & gas. A well-drilling agreement between a drilling contractor, who owns drilling rigs and associated equipment, and the owner or lessor of the mineral rights. • The contract spells out the rights and duties of the parties. In general, the more control the interest-owner retains over the contractor, the more liability the
An insurance policy in which the sum to be paid when a loss occurs is fixed by the terms of the contract. • The value agreed on is conclusive for a total loss and provides a basis for determining recovery in cases of partial loss. This value is in the nature of liquidated damages. [Cases:
Parliamentary law. Two voters, usu. legislators, on opposite sides of an issue who agree that they will abstain if either cannot vote on the issue. • A pair is usu. announced and recorded.
A special type of marriage in which the parties agree to more stringent requirements for marriage and divorce than are otherwise imposed by state law for ordinary marriages. • In the late 1990s, several states (beginning with Louisiana: see Acts 1997, No. 1380, § 5) passed laws providing for covenant marriages. The requirements vary, but
open price 〈美〉待定价格；(合同成立时)未确定价格 特别适用于货物买卖中，指货物买卖合同成立时尚未确定价格。根据美国《统一商法典》〔U.C.C.〕第2-305条关于待定价格条款的规定，只要当事人确有订立买卖合同的意图，即使售价未确定，合同仍可以成立；在此情况下，合同价格应为交货时的合理价格。与此相对的是约定价格〔agreed price〕。
Authority given to the agent by explicit agreement, either orally or in writing. — Also termed stipulated authority. [Cases: Principal and Agent 96. C.J.S. Agency §§ 148–149.]
Alimony designed to repay a spouse who during the marriage made financial contribu-tions that directly enhanced the future earning capacity of the other spouse. • An example is alimony for a wife who worked full-time supporting herself and her husband with separate-property earnings while he earned a medical degree. [Cases: Divorce 231. C.J.S. Divorce §§
reimbursement alimony Read More »
An agreement to indemnify all property, regardless of location. — Also termed compound policy.