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Unit 10A

Unit 10A - Understanding contracts 2 (TOLES)

TermDefinition
term of the contract is the duration of the contract. It means the period of time for which the contract is valid
termination this clause contains information about the expiration of the contract
expiration means end
to commission someone means to formally ask that person to do something or produce something, usually of a creative nature
to exceed (something) to go above the amount that is allowed
to go off when food such as fish or meat goes off it means that you cannot eat the food because it is decaying
stamped on put on or placed on, usually by a machine
a creditor a person or company that you must pay because they supplied you with goods or services
a factory a building were goods are manufactured. A factory is something called a ‘plant’
a retailer a person or company that sells goods to the public
Act of God provisions, also called “Force Majeure” clauses, relate to events outside human control, like flash floods, earthquakes, or other natural disasters
arises (of a problem, opportunity, or situation) to emerge; to become apparent.
assets is anything with a monetary value attached
assign designate or set (something) aside for a specific purpose
assignee a person to whom a right or liability is legally transferred. a person appointed to act for another.
assignor is a person, company or other entity that holds rights to a piece of intellectual, physical or other property and transfers those rights to another person, business or entity known as the assignee
author a writer of a book, article, or document.
budget allow or provide a particular amount of money in a budget.
cease come or bring to an end.
commission order or authorize the production of (something).
compensate give (someone) something, typically money, in recognition of loss, suffering, or injury incurred; recompense.
confidential entrusted with private or restricted information.
copyright is a collection of rights that automatically vest to someone who creates an original work of authorship like a literary work, song, movie or software
creative work is a manifestation of creative effort including fine artwork (sculpture, paintings, drawing, sketching, performance art), dance, writing (literature), filmmaking, and composition
creditor is an entity (person or institution) that extends credit by giving another entity permission to borrow money intended to be repaid in the future
disclose copyright is a statement that claims ownership of original content, or discloses your use of copyrighted materials for “fair use” purposes
creative work is a manifestation of creative effort including fine artwork (sculpture, paintings, drawing, sketching, performance art), dance, writing (literature), filmmaking, and composition
creditor is an entity (person or institution) that extends credit by giving another entity permission to borrow money intended to be repaid in the future
disclose make (secret or new information) known.
encumbrance is a right to, interest in, or legal liability on property that does not prohibit passing title to the property but that may diminish its value.
exceed be greater in number or size than (a quantity, number, or other measurable thing).
excused release (someone) from a duty or requirement.
expiration the ending of the fixed period for which a contract is valid.
force majeure unforeseeable circumstances that prevent someone from fulfilling a contract.
freelance self-employed and hired to work for different companies on particular assignments.
grant agree to give or allow (something requested) to.
indemnity security or protection against a loss or other financial burden.
indemnification security against legal liability for one's actions.
infringe actively break the terms of (a law, agreement, etc.) in intellectual property law
infringement refers to the violation of a law or a right
insolvent unable to pay debts owed.
instalments a sum of money due as one of several equal payments for something, spread over an agreed period of time.
intellectual property rights are the rights given to persons over the creations of their minds. They usually give the creator an exclusive right over the use of his/her creation for a certain period of time.
invoice a list of goods sent or services provided, with a statement of the sum due for these; a bill.
licence a permit from an authority to own or use something, do a particular thing, or carry on a trade (especially in alcoholic drink).
licensee is any business, organization, or individual that has been granted legal permission by another entity to engage in an activity. The permission, or license, can be given on an express or implied basis.
licensor a person or organization who gives another person or organization official permission to make, do, or own something: The company is a leading producer and licensor of television game shows. Compare. licensee.
liquidation the process of liquidating a business.
liquidator is a person or entity that liquidates something—generally assets
material breach occurs when one party receives significantly less benefit or a significantly different result than what was specified in a contract
merchandise goods to be bought and sold.
minor breach Also referred to as partial breach, it is a breach of contract that is less severe than a material breach and it gives the harmed party the right to sue for damages but does not usually excuse him from further performance
non-disclosure (especially in a legal context) the fact or practice of not making information known.
notice notification or warning of something, especially to allow preparations to be made.
owe have an obligation to pay or repay (something, especially money) in return for something received.
perishable (especially of food) likely to decay or go bad quickly.
pitfall a hidden or unsuspected danger or difficulty.
policy a contract of insurance.
precaution a measure taken in advance to prevent something dangerous, unpleasant, or inconvenient from happening.
premises a house or building, together with its land and outbuildings, occupied by a business or considered in an official context.
public domain the state of belonging or being available to the public as a whole, especially through not being subject to copyright or other legal restrictions.
rely on to need the help and support of someone or something (especially a previous legal decision) in order to succeed (eg in a case); to depend on.
retailer a person or business that sells goods to the public in relatively small quantities for use or consumption rather than for resale.
retain continue to have (something); keep possession of.
retention the continued possession, use, or control of something.
serial number an identification number showing the position of a printed or manufactured item in a series.
store a quantity or supply of something kept for use as needed.
supervening occurring as an interruption or change to an existing situation.
take out obtain an official document or service.
term a tenancy of a fixed period.
termination end in time or existence : conclusion the termination of life. 2 : the last part of a word especially : an inflectional ending. 3 : the act of terminating.
title a right or claim to the ownership of property or to a rank or throne.
trading the action or activity of buying and selling goods and services.
unforeseeable not able to be anticipated or predicted.
warehouse a large building where raw materials or manufactured goods may be stored prior to their distribution for sale.
warranty (in an insurance contract) an engagement by the insured party that certain statements are true or that certain conditions shall be fulfilled, the breach of which will invalidate the policy.
Created by: bactra
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