negotiation, n. 1. A consensual bargaining process in which the parties attempt to reach agreement on a disputed or potentially disputed matter. • Negotiation usu. involves complete autonomy for the parties involved, without the intervention of third parties. [Cases: Contracts 25. C.J.S. Contracts § 60.] “Negotiation, we may say, ought strictly to be viewed simply […]
recital. 1. An account or description of some fact or thing (the recital of the events leading up to the accident). 2. A preliminary statement in a contract or deed explaining the reasons for entering into it or the background of the transaction, or showing the existence of particular facts (the recitals in the settlement
A letter of credit used to guarantee either a monetary or a nonmonetary obligation (such as the performance of construction work), whereby the issuing bank agrees to pay the beneficiary if the bank customer defaults on its obligation. — Abbr. SL/C. — Also termed guaranty letter of credit. [Cases: Banks and Banking 191.10. C.J.S. Bills
standby letter of credit Read More »
lockup option. A defense against a corporate takeover, in which a friendly party is entitled to buy parts of a corporation for a set price when a person or group acquires a certain percentage of the corporation’s shares. • An agreement of this kind may be illegal, to the extent it is not undertaken to
cleanup clause. In a loan agreement, a clause that calls for a loan to be repaid in full within a given period, after which no further loans will be afforded the debtor for a specified “cleanup” period.
declaration of deceased person 死者生前的陈述 如果该陈述是在一般履行职责中作出的，或该陈述于死者不利，或有关家族〔pedigree〕或公权〔public right〕的陈述是在诉讼开始之前作出的，或该陈述有相关行为确认，则该陈述可以被法庭采纳作为证据。 (→deathbed declaration)
declaration of deceased person Read More »
emphyteusis (em-fi-t[y]oo-sis), n. [Greek “implanting”] Greek, Roman & civil law. A contract by which one person delivered to another (the emphyteuta) a tract of land, either in perpetuity or for a long period of time, in exchange for the obligation to cultivate the land and to pay annual rental. • In Roman law, the land
integrated contract. One or more writings constituting a final expression of one or more terms of an agreement. — Also termed integrated agreement; integrated writing. See INTEGRATION(2). [Cases: Contracts 245; Evidence 397(2). C.J.S. Contracts § 416; Evidence §§ 1159–1160, 1278–1280.] completely integrated contract. An integrated agreement adopted by the parties as a full and exclusive
integrated contract Read More »
An acceptance or undertaking not by a party to the instrument, but by a third party, for the purpose of protecting the honor or credit of one of the parties, by which the third party agrees to pay the debt when it becomes due if the original drawee does not. • This type of acceptance
acceptance for honor Read More »
four corners. The face of a written instrument. • The phrase derives from the ancient custom of putting all instruments (such as contracts) on a single sheet of parchment, as opposed to multiple pages, no matter how long the sheet might be. At common law, this custom prevented people from fraudulently inserting materials into a