An advance is a type of loan or payment in which money or goods are given before consideration is received in return; usually with the expectation of repayment or adjustment in basis by the party receiving the advance.
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business law
adverse domination
The doctrine of adverse domination allows the statute of limitations on a claim for breach of fiduciary duty against directors and officers of a corporation to be tolled until the corporation is no longer controlled by the alleged wrongdoers. This...
adverse interest
There are three main types of adverse interests.
An adverse interest can mean an interest, claim or right that is against another’s interest. For example, a plaintiff and defendant have adverse interests. A witness with...agency
Agency law is the common law doctrine controlling relationships between agents and principals. A principal-agent relationship is created when the agent is given authority to act for the principal. An agreement made by an agent is binding on...
agency shop
An agency shop is a place of employment in which full membership in a union is not required, but the union acts as an agent for the employees. Both union members and non-union members must pay periodic union dues and initiation fees whether...
agent
An agent is a person authorized to act on behalf of another person. The party an agent is authorized to act for is known as the principal. A principal-agent relationship can either be intentionally created or created by implication through...
agent for acceptance of service
See: agent for service of process
[Last updated in March of 2022 by the Wex Definitions Team]
agent for service of process
An agent for service of process is the person designated by a business entity, such as a corporation or limited liability company (LLC), to receive legal documents and lawsuits on behalf of the business entity within the state in which the...
agreement
An agreement is a manifestation of mutual assent by two or more persons to one another.
It is a meeting of the minds in a common intention, and is made through offer and acceptance. An agreement can be shown from words, conduct, and in some...
agricultural lien
As established in UCC §9 102-5, an agricultural lien is a lien placed on farm products like farm equipment or livestock that secures payment or performance in exchange for a loan of land, goods, or money. These loans allow farmers to produce...