Help & Glossary
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Abstract - A legal document that provides a summary. For example, an Abstract of Judgment.
Acceleration - An acceleration clause in a contract makes the entire debt come immediately due because of a failure to complete certain contractual obligations.
Actual Cash Value - The fair, usual or reasonable cash price that something will bring on the open market. Also known as 'fair market value'.
Add-on - More goods bought before old goods are paid for; the contact for the original goods is rewritten to include the new things.
Additional Insured - Someone other than the primary insured, who will benefit from an insurance policy.
Adjudicate, Adjudication - The formal pronouncement of judgment in a law suit.
Adjustor - The person who is either working on collecting delinquent payments or repossessing the vehicle.
Administrator - A person appointed by the court to handle the estate of a deceased person.
Advisement - A judge who takes a cause under advisement postpones making a ruling until a later time.
Affidavit - A written statement sworn to before a person officially permitted by the law to administer an oath.
Agency - When a person is given agency authority, he is given the legal right to act for another.
Agent - A person authorized to act for another.
Amortization - Paying off a debt in regular and equal payments. It is the total interest for the term of the loan plus the principal, divided by the number of payments.
Annual Percentage Rate (APR) - The percentage that a borrower is actually paying for the use of money borrowed, expressed in a standardized, yearly way.
Appraisal - The estimated value of something by an impartial expert.
Arbitration - A meeting ordered by the court where an appointed arbitrator negotiates a binding settlement between disputing parties.
Articles of Incorporation - The document that sets up the onset and purpose of a corporation.
As Is - Selling something 'As Is' means the seller makes no promises other than as seen and described. The buyer takes the risk of a possible defective condition.
Assets - All money, property, and receivables owned by a person or organization.
Assigned Risk - A type of insurance that insurance companies handle only because state law requires it. The insured is usually a poor risk and typically is charged higher premiums because of it.
Assumption - The taking over of a debt by another party.
Attachment - A legal writ of process used to legally seize the property of another. Also, to take funds from the hands of a third party who is liable to pay it over.
Auction - A sale where items are offered, one at a time for purchase, under certain conditions. They may be fully or partially guaranteed, or strictly 'As Is'. Either oral or written bids are accepted continuously until the item is purchased by the highest bidder.
Auction House - A term used to describe business which specializes in selling property via auction.
Audit - To examine or verify accounts or records.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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