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In finance, arrears (or arrearage) is a legal term for the part of a debt that is overdue after missing one or more required payments. [1] The amount of the arrears is the amount accrued from the date on which the first missed payment was due.
The concept of acceleration most often arises within the context of contract law. An acceleration clause , also known as an acceleration covenant , may be included within a contract, so as to fully mature the performance due from a party upon a breach of the contract, such as by requiring payment in full upon the contract if a borrower ...
In accounting and finance, an accrual is an asset or liability that represents revenue or expenses that are receivable or payable but which have not yet been paid.. In accrual accounting, the term accrued revenue refers to income that is recognized at the time a company delivers a service or good, even though the company has not yet been paid.
The following pages contain lists of legal terms: List of Latin legal terms; List of legal abbreviations; List of legal abbreviations (canon law) on Wiktionary: Appendix: English legal terms; Appendix: Glossary of legal terms
For example, mesne profits may accrue from growing crops on land but would not generally accrue from a factory built on the land (unless there were damage to the land or improvements to the land itself such as the removal of stone from a field). [3] A statute of limitations (usually six years) often limits the tenant-in-error's liability. [4]
Diminution in value is a legal term of art used when calculating damages in a legal dispute, and describes a measure of value lost due to a circumstance or set of circumstances that caused the loss. Specifically, it measures the value of something before and after the causative act or omission creating the lost value in order to calculate ...
A legal terminology textbook is a textbook that arranges and defines legal words and phrases in groups and by topic, in contrast with a law dictionary, which arranges and defines legal words and phrases individually and in alphabetical order. Thus, it may be more suitable for a student or other person interested in understanding an array of ...
In accounting, contingent liabilities are liabilities that may be incurred by an entity depending on the outcome of an uncertain future event [1] such as the outcome of a pending lawsuit.