warranty clause. 1. A contractual clause containing a warranty. 2. Oil & gas. A provision in an oil-and-gas lease by which the lessor guarantees that title is without defect and agrees to defend it. • If the warranty is breached, the lessor may be held liable to the lessee to the extent that the lessor […]
Antitrust. 1. A seller’s agreement to sell one product or service only if the buyer also buys a different product or service. • The product or service that the buyer wants to buy is known as the tying product or tying service; the different product or service that the seller insists on selling is known
beta testing. Intellectual property. The process of testing products and services, esp. software, under real-life conditions. • Consumers often engage in beta testing at no cost in exchange for reporting to the developer how satisfied they are, any problems they encounter, and any suggested improvements. To protect a trade secret or to avoid a statutory
jus respondendi (j[schwa]s ree-spon-den-dI). [Latin “the right of responding”] Roman law. The authority conferred on certain jurists when delivering legal opinions. • Modern Romanists disagree about the precise meaning of this term.
A corporation that does not issue shares of stock as evidence of ownership but instead is owned by its members in accordance with a charter or agreement. • Examples are mutual insurance companies, charitable organizations, and private clubs. [Cases: Corporations 3. C.J.S. Corporations §§ 5–7, 62.]
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employment agency. A business that procures, for a fee, employment for others and employees for employers. • Whether the employer or the employee pays the fee depends on the terms of the agreement. See FINDER(1). [Cases: Labor Relations 17. C.J.S. Kidnapping § 25; Labor Relations § 19.]
A dual agreement consisting of an agreement by the consumer to purchase goods or services (usu. at an inflated price) and an agreement by the seller to compensate the consumer for each customer (or potential customer) referred to the seller. — Also termed referral sales agreement. Cf. PYRAMID SCHEME. [Cases: Consumer Protection 12. C.J.S. Credit
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Contracts. The common-law principle that a writing intended by the parties to be a final embodiment of their agreement cannot be modified by evidence of earlier or contemporaneous agreements that might add to, vary, or contradict the writing. • This rule usu. operates to prevent a party from introducing extrinsic evidence of negotiations that occurred
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listing agent. The real-estate broker’s representative who obtains a listing agreement with the owner. Cf. selling agent under AGENT(2). [Cases: Brokers 40. C.J.S. Brokers §§ 117–120, 125, 143.]