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Abandonment The intent and subsequent actions of a tenant that indicate that the tenant has given up the leased premises. Examples include an empty apartment, a return of keys, and utilities turned off. Abatement A proportional reduction of the shares of beneficiaries under a will if the estate assets are not sufficient to pay the shares in full. Acceleration A payee's right to demand immediate payment of an entire loan balance, including payments otherwise due at a future time, if a promisor defaults under a promissory note's terms. For example, a payee may require a repayment of all remaining installments if a promisor fails to make a regularly scheduled payment when due. Acceptance The act of agreeing to (accepting) the terms of an offer. For example, an employee accepts an offer of employment by agreeing to work for the employer for the wages offered. Accrued Interest Interest that has accumulated in accordance with the terms of a Promissory Note, but which has not yet been paid by the promisor to the payee. Actual Damages Actual Damages are real damages to compensate for loss or injuries that have actually occurred. This is in contrast to "nominal" damages (a small amount paid where there is no real loss) or "punitive" damages (intended to punish the party who must pay damages). Administrator A person or institution appointed by a court to administer the assets and liabilities of a deceased person. The term is usually used if the deceased person did not have a will. Affidavit A statement of facts sworn to (or affirmed) and signed in the presence of a notary public. Age of Majority The age at which a person may legally sign a contract or a valid will. The age of majority is 18 years in most states. Agent The person to whom a power of attorney is given. An agent has authority to act on behalf of the grantor, as specified by the grantor in a power of attorney document. Agent, Secondary An agent who serves under a power of attorney in special circumstances concerning real estate where the agent first chosen is not permitted to serve. Agreement An understanding or consent between two or more partie regarding their respective rights and obligations with respect to a specific subject or thing. Agreement, Collective Bargaining An agreement negotiated between a labor union and an employer that sets forth the terms of employment for the employees who are members of that labor union. This type of agreement may include provisions concerning wages, vacation time, working hours, working conditions, and health insurance benefits. Agreement, NonCompete An agreement between two parties (for example, an employer and an employee or a company and a consultant) that upon termination of the business relationship, the employee or consultant will not enter into a business or be involved with other activities that compete with the company's business. Alternate Executor A will maker's second choice of executor if the first choice cannot or does not choose to serve as executor. Alternate Trustee A will maker's second choice as trustee if the first choice cannot or does not choose to serve as trustee. Amortize To repay a loan in equal installments over a period of time Each periodic payment (usually a monthly payment) includes principal and interest the initial payments include higher amounts of interest and as the principal amount is gradually reduced, the monthly payments include more principal and less interest. Amortization Table A schedule of principal and interest payments for a promissory note, mortgage, or other types of debt. Artificially Administered Nutrition & Hydration Generally, the provision of nutrients and liquids through the use of tubes, intravenous procedures, or similar medical intervention. Asset Property, including real property (for example, land or buildings) and personal property (for example, cash, stocks or vehicles) that belongs to a person, corporation, estate, or other entity. Assignee A person or entity to whom an assignment of rights or property has been made. For example, a payee may assign his or her rights to receive the payments under a promissory note to a third person. Assignment A payee's transfer of his or her right to receive loan payments from the promisor under a promissory note. For example, the payee may assign his or her rights to collect the note payments to a bank. However, the bank would not pay full value because of the risk that the promisor would be unable or unwilling to make all the note payments. Assignor A person or entity who has made an assignment of rights or property. Attorney in Fact The person to whom authority is given under a Power of Attorney. An attorney in fact is sometimes referred to as a "proxy" under a Health Care Power of Attorney. See also "Agent." Balloon Payment The final payment needed to complete the payment of the entire principal amount, if different from the monthly payment. Beneficiary A person or entity entitled to receive 1. a bequest under a will, 2. the proceeds from a life insurance policy, or 3. payments from a trust. Beneficiary, Primary A will maker's first choice to receive a bequest, or a person's first choice of who should receive the proceeds from a life insurance policy. Beneficiary, Secondary A will maker's second choice to receive a bequest. A secondary beneficiary receives the bequest only if the primary beneficiary dies before the will maker. It is also a person's second choice of who should receive the proceeds from a life insurance policy. Bequest A distribution of property under a will to a beneficiary. Bill of Sale A document under which personal property is transferred from a seller to a buyer. Board Minutes A written record of the proceedings and actions of a Board of Directors. Board of Directors Persons elected by the stockholders of a corporation to manage and direct the affairs of the corporation. Bond An insurance policy required by a court for the benefit of a trust or an estate. This policy provides insurance protection against the possibility of fraud or embezzlement by a trustee or an executor. The will maker may request in the will that no bond be required. Borrower A person or entity to whom money or other property is loaned. Borrowing Resolution A resolution adopted by a Board of Directors and/or the stockholders of a corporation that authorizes the officers to borrow money from a financial institution. Buyer A person or entity who purchases a thing or property in exchange for other property (often money). Class of Stock A category of stock where each stock share has the same voting rights, value, and characteristics. Co-Executor A person or entity who serves jointly with another person or entity in carrying out the terms of a will. Co-Trustee A person or entity who serves jointly with another person or entity in carrying out the terms of a trust. Codicil A supplement or addition to a will that explains, modifies, or revokes a previous will provision or that adds an additional provision. A codicil must be signed and witnessed with the same formalities as those used in the will's preparation. Collective Bargaining Agreement An agreement negotiated between a labor union and an employer that sets forth the terms of employment for the employees who are members of that labor union. This type of agreement may include provisions regarding wages, vacation time, working hours, working conditions, and health insurance benefits. Commercial Lease A lease that applies to business property. Commercial Credit Credit that relates to or is connected with business or commerce; not consumer credit. Commission Compensation paid to a salesperson (an employee or independent contractor), with the amount calculated as a percentage of the salesperson's sales volume. commission is compensation paid to you with the amount calculated as a percentage of your sales. COMPENSATION Payment to an executor or trustee for services performed under a will or trust. Competency The mental ability to understand the general effect of a transaction or document. Consideration The inducement, price, or motive that causes a party to enter into an agreement or contract. For example, rent payments paid to receive the right to rent an apartment. Conservator A person or entity appointed by a court to manage the financial affairs of another person (usually someone who is incompetent). For example, an adult daughter may be appointed as the conservator for her father who is suffering from advanced Alzheimer's disease. Consult To seek advice or counsel from a professional. Consultant Someone who gives expert or professional advice Credit Application A request for credit (oral or written) made in accordance with procedures established or practices followed by the Creditor for the type of credit requested. Credit Bureau Establishments that collect information relating to the credit, character, responsibility, and reputation of individuals and businesses, for the purpose of furnishing the information (credit reports) to subscribers (merchants, banks, suppliers, etc.) Credit Inquiry An attempt to seek information concerning interest rates and the availability of funds without disclosing your identity, or specifying the need or purpose of the proposed borrowing, or the specifics concerning your creditworthiness. Credit Rating The evaluation of a person's or businesses' ability and past performance in paying debts. A credit rating is generally established by a credit bureau and used by merchants, suppliers, and bankers to determine whether a loan should be granted or credit extended. Consulting Agreement An agreement by a consultant or expert to provide professional or consulting services. Consumer Individual who purchases, uses, maintains, and disposes of products and services. Consumer Complaint Letter A letter written by a consumer to a manufacturer or retailer regarding a problem with a product or service. This type of letter is written usually with the expectation that corrective action will be taken. Consumer Credit Short term loans to individuals for the purchase of goods used primarily for personal, family, or household purposes. Such goods are not intended for resale or further use in the production of other products. Consumer Goods Products designed for purchase and use by consumers. Consumer Protection Actions taken (sometimes in the form of laws) to protect consumers from defective goods and services. Consumer Services Services provided to the general public. For example, consumer services can include legal services, medical services, or cleaning services. Contract An agreement between two or more parties which creates obligations to do or not do the specific things that are the subject of that agreement. Examples of a contract are a lease, a promissory note, or a rental agreement. Contractor A person or entity who, as part of an independent business, becomes obligated to provide goods and/or services for a price. Corporation An artificial entity created under the authority of state law the ownership of which is represented by shares of stock. Corporation, Close A corporation owned by a limited number of stockholders (1 - 35) who generally are active in the affairs of the corporation. Cosigner A person who agrees to be liable for another person's debt, or for the performance of another's duty, liability, or obligation. CREDIT A person's ability to borrow money or to obtain goods for later repayment based on the person's solvency and reliability. Debtor A person or entity who owes an obligation of a fixed or certain amount. Declarant Person who makes a living will; a declarant must be mentally competent at the time of signing a living will. Default A failure to comply with a term of an agreement. For example, a default by a tenant under a lease agreement permits a landlord to take certain actions in response to the default. Demand Letter for Money Owed A letter from a payee urging (demanding) that a promisor make a payment that is past due. Deposit, Security An amount of money given to a landlord or lessor by a tenant or lessee that can be used by the landlord or lessor to offset damages to the leased property. Directors' Fees Fees paid by a corporation to its directors for providing services to the corporation. Disinherit The act of a person, perhaps through creating a will, that has the effect of depriving another person (an heir) of property that would have been distributed to that person under the laws of intestacy. Domicile The place where a person has a permanent home and to which he or she intends to return following an absence. Donee A person to whom a gift or will bequest is made. Donor A person who gives a gift or makes a bequest under a will. Employer A person or business who pays a wage or fixed payment to other person(s) in exchange for the services of such persons. Employment Agreement An agreement between an employer and employee that specifies the rights and obligations of each party to the agreement. Employment, Offer of An offer by an employer to a prospective employee that specifies the terms of an employment arrangement. Encumber To burden with legal claims. Enforceable A right or obligation is enforceable if the party obligated can be forced or ordered to comply through a legal process. Entity An organization or person that possesses a separate existence for tax purposes. An example of an entity would be a corporation, partnership, or trust. Equipment Lease An agreement that specifies the rights and obligations between a lessor (who owns equipment) and a lessee (to whom the lease gives certain rights to possess and use the equipment). Equitable Just, conforming to principles of justice and fairness. Equity The amount by which a corporation's assets exceed its liabilities. Estate The property owned by a will maker at the time of his or her death. Eviction The process by which a landlord removes a tenant from physical possession of the rented property (premises). EXECUTOR The person or entity named in a will who has the responsibility of carrying out the terms of the will (that is, collecting the will maker's assets, paying the debts, and distributing the remaining assets to the beneficiaries). Executor, Alternate A will maker's second choice of executor if the first choice cannot or does not choose to serve in the position. Executor, Co- A person or entity who serves jointly with another person or entity in carrying out the terms of a will. rs, etc.) Fair Labor Standards Act A federal law that sets forth rules regarding wages, working hours, and other employer/employee matters. Gift A voluntary transfer of property from one person or entity to another made without charge or consideration. Grace Period The time period specified under a contact during which a payment is permitted beyond the due date of the payment without penalty. Grantor A person who grants another person or entity (an agent) the authority and power to act on behalf of the grantor in accordance with the powers set forth in a power of attorney document. Guarantor A secondary party who becomes obligated to repay a debt for the party primarily responsible who has failed to repay the obligation. Guardian A person or institution named in a will or a temporary guardianship who is responsible for the care of minor children. Health Care Proxy An individual appointed to make health care decisions for you if you are unable to do so. Heir A person entitled under state laws of intestacy to property of a decedent who did not have a will. Hold Harmless A phrase used in contract law to signify a commitment by one party to make good or repay another party in the event of a specified loss. Incorporation Documents The corporation's "articles of incorporation" (sometimes referred to as the "charter"), bylaws, and other documents created when the corporation is established. Indemnity A provision in a lease that requires a tenant to pay (indemnify) a landlord for damages. Independent Contractor A person or business who provides goods and services as a business and not as an employee. Inherit To receive property from a decedent's estate. Injunction A court order that orders a party to do or refrain from doing a certain act (or acts). For example, an injunction might be obtained to prevent a copyright infringer from reprinting copyrighted materials. Intellectual Property Property that can be protected under federal law, including copyrightable works, ideas, discoveries, and inventions. Such property would include novels, sound recordings, a new type of mousetrap, or a cure for a disease. Intent The determination or resolve to do a certain thing, or the state of mind with which something is done. INTEREST Compensation paid for borrowing money for a period of time, usually a percentage rate based on the amount owed. Intestacy State laws that provide for the distribution of a decedent's estate if the decedent does not have a will. Intestate To die without a will, in which case the property of a decedent's estate is distributed under state laws of intestacy to the decedent's heirs. Investigative Consumer Report A special type of credit report which contains more detail than a routine credit report. For example, it includes information regarding a consumer's character, general reputation, and personal characteristics. Jurisdiction A geographic area over which a court has authority. A magistrate court has jurisdiction over a town or city while the United States Supreme Court has jurisdiction over the entire country. Landlord An owner of property who leases (rents) that property to a tenant under a lease agreement. Law Rules established by a governing authority to institute and maintain orderly coexistence. LEASE A document under which a landlord and tenant set forth the rights and obligations of each party with respect to an apartment or rental unit owned by the landlord and used by the tenant. Lease, Commercial A lease that applies to business property. Lease, Equipment A lease that applies to equipment. Lease, Residential A lease that applies to property used as a residence. Leased Property Property that is owned by a lessor or landlord and rented to a lessee or tenant who receives rights of use and possession in accordance with the terms of a lease agreement. Legal Description The description of real estate (property) used to identify real estate in legal transactions. A legal description can be found in a deed, mortgage, or other purchase document or may be obtained from a county recorder, tax assessor, or similar official. Lender A person or entity who loans money to others. Lessee A person or entity who receives the use and possession of leased property (for example, real estate or equipment) from a lessor in exchange for a payment of funds. Lessor A person or entity who owns property (for example, real estate or equipment) to which a lessee receives use and possession in exchange for a payment of funds. Life Sustaining Procedures Each state has its own specific definition of what constitutes a life sustaining procedure. Generally, it means any medical procedure or intervention which utilizes mechanical or other artificial means to sustain, restore, or supplant a vital function, which procedure would only prolong the moment of death for an individual who has been diagnosed as suffering from a terminal condition. Some states do not include the withdrawal or withholding of artificially administered sustenance or hydration as a life sustaining procedure that may be withheld or withdrawn in accordance with your living will. Mechanics Lien A claim against real estate made by a contractor, subcontractor, or supplier of building materials who contributed to improvements built on the real estate. A mechanics lien, if enforced, permits the party who filed the claim to force a sale of the real estate to pay the claim. Mental Capacity The ability to understand the general effect of a transaction or document. Mental Incompetence The inability of a person to make or carry out important decisions regarding his or her affairs. Notary Public A public officer commissioned under the authority of a state government to witness signatures on legal documents and to verify that the name shown by the signature is the actual name of the person signing the document. Obligation The requirement to do what is imposed by law, promise, or contract; a duty. OFFER A proposal to enter into certain arrangements, usually accompanied by an expected acceptance. For example, an offer to purchase a house for $50,000. Offer of Employment An offer by an employer to a prospective employee that specifies the terms of an employment arrangement. Payee A person or entity who loans money to another person or entity (promisor) under a promissory note. Payment Period The time period required for repayment of an installment loan in fixed installments at regular intervals (for example, month, quarter, or semi-annual). Performance The fulfillment or accomplishment of a promise, contract, or obligation. Periodic Tenancy A tenancy arrangement that continues on a week-to-week or month-to-month basis with no clear termination date fixed. This sometimes occurs when a tenant continues to occupy a dwelling after the end of a lease. Personal Property Taxes A tenancy arrangement that continues on a week-to-week or month-to-month basis with no clear termination date fixed. This sometimes occurs when a tenant continues to occupy a dwelling after the end of a lease. POWER OF ATTORNEY A document under which a grantor gives an agent powers to act on behalf of the grantor. Power of Attorney, General A document under which a grantor gives an agent wide-ranging powers to act on behalf of the grantor. Power of Attorney, Health Care A power of attorney form that continues (by its terms) to be effective even though the grantor has become mentally incompetent after signing the document. Power of Attorney, Revocation of A document under which a grantor takes away (revokes) the authority and power of the agent to act on behalf of the grantor. Power of Attorney, Special A document under which a grantor gives an agent a limited number of specific powers to act on behalf of the grantor. Preemptive Rights The privilege of a stockholder to maintain a proportionate share of ownership in a corporation by purchasing a proportionate share of any new stock issued. Quorum The minimum number of (#) directors who must be present at a directors meeting, or (#) shares of stock that must be represented by stockholders at a stockholders meeting in order to conduct business or take action. Real Estate Taxes Taxes assessed against real estate by a city, county, or state that must be paid by the owner. Rent The consideration paid for the right to use and possess property. Remedies The means by which a right is enforced or by which the violation of a right is prevented or compensated. Residence the regular home (abode, place of dwelling) where a person lives. Residential Lease A lease that applies to property used as a residence. Residuary Estate The remaining property of an estate after the debts, expenses, and specific bequests have been paid. REVOCATION A document under which a grantor takes away (revokes) the authority and power of the agent to act on behalf of the grantor. Royalties Payments made to the developer (inventor) of a product based on the amount of product sales. Secondary Agent An agent who serves under a power of attorney in special circumstances concerning real estate if the grantor's first choice is not permitted to serve. Secondary Beneficiary A will maker's second choice to receive a bequest. A secondary beneficiary receives the bequest only if the primary beneficiary dies before the will maker. It is also a person's second choice of who should receive the proceeds from a life insurance policy. Self-Proving Will A will having an attached affidavit signed by a notary public that shows the will was properly signed and witnessed and that it is the will of the person who signed it. Seller A person or entity who sells a thing or property in exchange for other property (often money). Simple Will A will that does not include complex trusts or other provisions designed to minimize federal or state estate taxes that might be assessed against a large estate. Tangible Personal Property Property that has physical substance and can be touched. For example, a car, desk, or jewelry. Intangible property (for example, a check account) lacks this physical quality Tax, Death A general term that includes estate and inheritance taxes. Tax, Estate A tax assessed against the net assets of an estate which must be paid by the administrator or executor from the estate's assets. Tax, Inheritance A tax assessed against the beneficiaries of an estate base on the amount received by each beneficiary and that beneficiary's relationship to the decedent (that is, the shares of close relatives are sometimes assessed at lower rates). Temporary Guardianship A document under which a parent grants temporary custody of his or her children to another person or institution. Void Having no legal effect or consequence. Voidable Having no legal effect or consequence if the party affected so chooses. Waiver A document signed by a director or stockholder under which the director or stockholder gives up her or his right to receive notice of the time, date, and place of a particular meeting. Ward A person for whom a guardianship and/or conservatorship is established. Warranty A guaranty or promise regarding the quality or performance of a product. WILL A document under which a will maker states his or her intentions regarding: the persons (beneficiaries) who will receive the will maker's property, the person or entity (executor) who will carry out the will maker's wishes, and, if necessary, the person (guardian) who will care for the will maker's minor children.