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Acceleration clause
Acceleration clauseA clause in a contract that states that if a payment is missed, or some other default occurs (such as the debtor becoming insolvent), then the contract is fully due immediately. This is a typical clause in a loan contract; miss one payment and the agreement to pay at regular intervals is voided and the entire amount becomes due and payable immediately. RELATED TERMS-------------------------------------- Clause Contracts. A particular disposition which makes part of a treaty; of an act of the legislature; of a deed, written agreement, or other written contract or will. Contract A negotiated oral or written agreement setting forth the terms for an exchange of value between parties (which may be individuals or companies) and under which each party promises to perform an obligation. Certain terms, such as the obligations to be performed and the terms for setting price or compensation must be mutually understood, known in legal lingo as a "meeting of the minds," and promised to by the parties to form a legal contract. States By this name are understood in some countries, the assembly of the different orders of the people to regulate the affairs of the commonwealth, as, the states general. Payment 1) Contracts. That which is given to execute what has been promised; or it is the fulfilment of a promise. Solvere dicimus cum quis fecit, quod facere promisit. But though this is the general acceptation of the word, yet by payment is understood, every way by which the creditor is satisfied or ought to be, and the debtor, liberated for example, an accord and satisfaction will operate as a payment. 2) Pleadings. The name of a plea by which the defendant alleges that he has paid the debt claimed in the declaration; this plea must conclude to the country. Default "1) The neglect to perform a legal obligation or duty; but in technical language by default is often understood the non-appearance of the defendant within the time prescribed by law, to defend himself; it also signifies the non-appearance of the plaintiff to prosecute his claim. 2) Contracts, torts. It is enacted that ""no action shall be brought to charge the defendant upon any special promise to answer for the debt, default, or miscarriage of another person, unless the agreement"", ""shall be in writing,"" By default under this statute is understood the non-performance of duty, though the same be not founded on a contract. Debtor Debtor or obligor. The person who has engaged to perform some obligation. The word obligor, in its more technical signification, is applied to designate one who makes a bond. Loan 1) A loan in general implies that a thing is lent without reward; but, in some cases, a loan may be for a reward; as, the loan of money. 2) Contracts. The act by which a person lets another have a thing to be used by him gratuitously, and which is to be returned, either in specie or in kind, agreeably to the terms of the contract. The thing which is thus transferred is also called a loan. Agreement A verbal or written resolution of disputes. Entire That which is not divided; that which is whole. SIMILAR TERMS-------------------------------------- Accedas ad curiam English law. That you go to court. Accedas ad vicecomitem English law.The name of a writ directed to the coroner, commanding him to deliver a writ to the sheriff, who having a pone delivered to him, suppresses it. Acceptance One of three requisites to a valid contract under common law (the other two being an offer and consideration). A contract is a legally binding agreement between two or more parties which starts with an offer from one person but which does not become a contract until the other party signifies an unequivocal willingness to accept the terms of that offer. The moment of acceptance is the moment from which a contract is said to exist, and not before. Acceptance need not always be direct and can, in certain circumstances, be implied by conduct. Acceptilation Contracts. In the civil law, is a release made by a creditor to his debtor of his debt, without receiving any consideration. Access Person. Approach, or the means or power of approaching. Sometimes by access is understood sexual intercourse; at other times the opportunity of communicating together so that sexual intercourse may have taken place, is also called access. Accession International law. Is the absolute or conditional acceptance by one or several states, of a treaty already concluded between one or several states, of a traty already concluded between other sovereignties. Accessory Property. Everything which is joined to another thing, as an ornament, or to render it more perfect, is an accessory, and belongs to the principal thing. Accessory contract One made for assuring the performance of a priorcontract, either by the same parties, or by others. PREVIOUS AND NEXT TERMS-------------------------------------- Abuse Every thing which is contrary to good order established by usage. Abuttals The buttings and boundings of land, showing on what other lands,rivers, highways, or other places it does abut. Ac etiam English law. In order to give jurisdiction to a court, a cause of action over which the court has jurisdiction is alleged, and also,, (ac etiam) another cause of action over which, without being joined with the first, the court would have no jurisdiction; Accedas ad curiam English law. That you go to court. Accedas ad vicecomitem English law.The name of a writ directed to the coroner, commanding him to deliver a writ to the sheriff, who having a pone delivered to him, suppresses it. Acceleration clause Acceptance One of three requisites to a valid contract under common law (the other two being an offer and consideration). A contract is a legally binding agreement between two or more parties which starts with an offer from one person but which does not become a contract until the other party signifies an unequivocal willingness to accept the terms of that offer. The moment of acceptance is the moment from which a contract is said to exist, and not before. Acceptance need not always be direct and can, in certain circumstances, be implied by conduct. Acceptilation Contracts. In the civil law, is a release made by a creditor to his debtor of his debt, without receiving any consideration. Access Person. Approach, or the means or power of approaching. Sometimes by access is understood sexual intercourse; at other times the opportunity of communicating together so that sexual intercourse may have taken place, is also called access. Accession International law. Is the absolute or conditional acceptance by one or several states, of a treaty already concluded between one or several states, of a traty already concluded between other sovereignties. Accessory Property. Everything which is joined to another thing, as an ornament, or to render it more perfect, is an accessory, and belongs to the principal thing. We thank you for using the Juridical Dictionary to search for Acceleration clause. If you have a better definition for Acceleration clause than the one presented here, please let us know by making use of the suggest a term option. This definition of Acceleration clause may be disputed by other professionals. Our attempt is to provide easy definitions on Acceleration clause and any other medical topic for the public at large.
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