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GLOSSARY -- CONTRACT TERMS Ab Initio Lat. From the beginning. A contract may be void from the time it was entered into. The agreement is void ab initio. Accord and Satisfaction A term usually used when a contract is settled without exercising one's full legal rights. When the settlement agreement is signed, it is called an accord and satisfaction. Action Usually refers to a suit or prosecution. One party to a contract may take action against the other. Ad Valorem According to value. An e
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   GLOSSARY -- CONTRACT TERMS  Ab Initio Lat. From the beginning. A contract may be voi !rom the time it a# entere into. The agreement i# voi ab initio.  Accor an Sati#!action A term $#$a%%y $#e hen a contract i# #ett%e itho$t e&erci#ing one'# !$%% %ega% right#. (hen the #ett%ement agreement i# #igne) it i# ca%%e an *accor an #ati#!action.*  Action +#$a%%y re!er# to a #$it or ,ro#ec$tion. One ,arty to a contract may tae *action* again#t the other.  A a%orem Accoring to va%$e. An eva%$ation that i# a ,ercentage or other  !$nction o! the va%$e o! the ,ro,erty. +#$a%%y $#e in contract# in re!erring to in# o! %evie# or ta&e#.  Agreement An $ner#taning bet een t o or more ,artie#. (hen meeting the %ega% re/$irement# it become# an *en!orceab%e agreement.* +#e here a# #ynonymo$# ith *contract.*    Arbitration An $no!!icia% ,roce$re !or inve#tigating the !act# re%ate to a controver#y an reaching a #ett%ement. The ,ro,o#e #ett%ement may be bining or non-bining.  Artic%e# o! Incor,oration The oc$ment by hich a cor,oration i# !orme $ner the %a # o! a ,artic$%ar #tate. A##ign To t$rn over the right# to or #ome intere#t in ,ro,erty to another ,arty. The oc$ment t$rning over the right# i# an *a##ignment.* 0ona Fie or 0ona Fie# Lat. In goo !aith1 ith integrity an hone#ty in ea%ing. The o,,o#ite o! ma%a !ie#. Certi!y To vo$ch !or a thing in riting1 to mae no n or e#tab%i#h a# a !act. Con#e/$entia% 2amage 2amage that re#$%t# a# a con#e/$ence rather than irect%y !rom #ome !ai%$re to meet an ob%igation. A machine i# g$arantee to ,ro$ce 34 ,art# ,er min$te. I! it on%y ,ro$ce# 54 ,art# ,er  min$te) that i# a irect amage $ner the g$arantee. I! the machine over-heat# an b$rn# o n the !actory) that i# a   con#e/$entia% amage.Con#ieration Something o! va%$e in the eye# o! the %a that 6$#ti!ie# a bining commitment on the ,art o! the ,arty receiving the con#ieration. Not to be con!$#e ith the motive !or maing a contract. Co$nter,art A co,y o! an agreement that i# e&ec$te by one or more o! the ,artie# to the agreement. Covenant A ritten ,%ege by one or more ,artie# a# to the tr$th o! #ome #tatement or that #ome ,artic$%ar action i%% be taen. 20A A common abbreviation meaning *oing b$#ine## a#.* The abbrevia- tion i# $#$a%%y in %o er-ca#e %etter#7 *8ohn 8one# ba The Loca% Grocery Com,any.* 2e Facto In !act or ee1 act$a%%y. (or# $#e to acce,t a ,a#t conition that may have been i%%ega% or incom,%ete. May re!er to a ,re#ent conition a# act$a%%y e&i#ting rather than 6$#t a ,a,er ,%an. Enc$mbrance A b$ren) mortgage) %ien) or any ebt attache to either rea% or  ,er#ona% ,ro,erty.   Force Ma6e$re Fr. An irre#i#tib%e or over,o ering !orce. One may be !orgiven) by the term# o! an agreement) !or !ai%$re to ,er!orm beca$#e o! !orce ma6e$re) an event that one a# ,o er%e## to overcome - #trie#) !%oo#) riot#) ar) etc. Inemni!y To #ave another harm%e## !rom %o## or amage1 to give #ec$rity !or the reimb$r#ement in ca#e o! antici,ate %o##. Intangib%e 9ro,erty 9ro,erty or a right that oe# not have a ,hy#ica% e&i#tence. It may re!er to co,yright#) ,atent#) acco$nt# receivab%e) right# o! %ega% action) trae #ecret# etc. I,#o Facto 0y the !act it#e%!1 by the mere !act. Ma%a Fie In ba !aith. The o,,o#ite o! bona !ie. Name%y A or im,orting thing# a%reay inc%$e in the ,revio$# re!erence term. *Inc%$ing* inicate# #omething aitiona% not inc%$e in the re!erence term. +#ing the or *inc%$ing* to recite thing# inherent%y inc%$e in the re!erence term i# a /$ic roa to a Lega% Ome%et. 
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