The Law Dictionary for Everyone
Apparent authority arises when someone reasonably believes a person has the authority to act on behalf of another person or entity to engage in business transactions or enter into contracts. Typically, this belief stems from the person’s actions leading to the belief that they have been given authority to act. The issue of apparent authority is most often relevant in […]
Read moreAnticipatory repudiation, also known as “anticipatory breach” takes place when a contract is made and one party stops acting in accordance with the contract, which leads the other party to believe that the breaching party has no intention of fulfilling the requirements as stated in the contract. The breaching party simply has to give other party the impression that they […]
Read moreAn affidavit is a voluntary, sworn statement made under oath, used as verification for various purposes. The statement is witnessed and signed by a notary public or other law official authorized to do so. Once signed, the document is legally binding and the person signing is subject to being charged with perjury if the affidavit contains false information. To explore […]
Read moreWhen any party to a contract, whether oral or written, fails to perform any of the contract’s terms, they may be found in breach of contract. While there are many ways to breach a contract, common failures include failure to deliver goods or services, failure to fully complete the job, failure to pay on time, or providing inferior goods or […]
Read moreActual authority allows a third party to act on behalf of, and engage in decision-making for a company or agency. Any authorization, decision, or act taken by the third party acting with actual authority is legally binding and enforceable within the courts. To explore this concept, consider the following actual authority definition. Definition of Actual Authority Noun Specific powers granted […]
Read moreA contract of adhesion refers to a contract drafted by one party in a position of power, leaving the weaker party to “take it or leave it.” Adhesion contracts are generally created by businesses providing goods or services in which the customer must either sign the boilerplate contract or seek services elsewhere. To explore this concept, consider the following adhesion […]
Read moreIn the United States, the courts have the ability to scrutinize statutes, administrative regulations, and judicial decisions to determine whether they violate provisions of existing laws, or whether they violate the individual State or United States Constitution. A court having judicial review power, such as the United States Supreme Court, may choose to quash or invalidate statutes, laws, and decisions […]
Read moreWhen one person or entity agrees to act on behalf of another person or entity in matters of importance, such as legal, financial, and authority, he or she is considered a “fiduciary.” The client, trustor, or beneficiary, has the right to expect the fiduciary to put forth his best effort, using all of his expertise, skill, and care in acting […]
Read moreLarceny is a crime that is committed when a person unlawfully takes personal property or assets belonging to another person. In some states, larceny and theft go hand in hand, but in others, there is a clear definition between the two. Larceny is considered a statutory offense and the exact charges can vary depending on the value of the property […]
Read moreForeclosure is the legal process that involves taking possession of property when a loan borrower fails to make payments to the lender. The lender takes possession of the property and attempts to sell it in order to recover the amount owed by the borrower. Mortgage lenders and lien holders are required to follow certain legal guidelines in order to start […]
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