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Business
- AcceptanceThe unconditional agreement to an...
- AcquisitionThis is the purchase of one company by another without a merger...
- Agency AgreementThis is an agreement which allows one party (the Agent) to sell products (goods or services) on behalf of another (the Principal) in return for commission...
- AgentSomeone who is appointed to act on behalf of another party, the...
- Annual General Meeting (AGM) A company must hold a meeting of shareholders once each calendar...
- Articles of AssociationA document which is required to incorporate a UK...
- Authorised Share Capital Shares which are available to be...
- BankruptA debtor who, either upon voluntary petition or one invoked by their creditors, is judged legally...
- BankruptcyThe state of being...
- Breach of ContractThis occurs when a party to a contract fails to abide by the agreed...
- Business NameSole Traders and Partnerships can either trade under their own names or have a separate name, known as a Business...
- Comfort LetterA document which is issued to back up an agreement but which does not have any contractual...
- Company Voluntary Agreement (CVA)This is a deal between an insolvent company and its...
- ConditionsConditions form the basis of a contract - if one of them fails or is broken, the contract is...
- ConsiderationSomething which must be given by either side in a...
- DissolutionSee...
- Distribution AgreementThis is an agreement which regulates the commercial terms whereby one party, the Supplier supplies goods and/or services to another party, the Distributor, for resale in a specified...
- DividendThe profit of trading divided among the members in proportion to their shares and in accordance with their rights as...
- Exclusion ClauseClause in a contract which is intended to exclude one party from liability if a stated circumstance...
- Exemption Clause Clause in a contract that attempts to restrict the liability of the party that writes...
- Express Terms Terms and provisions of a contract that are expressly written and on which the parties specifically...
- Extradodinary General MeetingAny meeting of shareholders which is not an...
- Extradodinary ResolutionCompany resolution that usually does not require any notice of its proposal, but must be passed by a majority of at least three quarters of...
- Force MajeureAn event which cannot be foreseen (eg. lightning) - liability for which is often excluded from...
- Franchise AgreementThis is an agreement for a person or organisation (the Franchisor) who wishes to grant the right to another person or organisation (the Franchisee) to operate an outlet of the Franchise business within a particular...
- FrustrationAn unexpected or unintentional event that makes fulfilment of a contract...
- Going ConcernThis is an accounting concept which assumes that a company will continue to operate in the foreseeable...
- Heads of AgreementSee Heads of...
- Heads of TermsThese set out the terms of a commercial transaction which has been agreed in...
- Implied TermsTerms and clauses implied in a contract by law or custom and practice without actually being stated in the...
- IncorporateInclusion or adoption of some term or condition as part of a...
- IncorporationThe formal creation of a...
- Issued SharesThis refers to shares that have been allotted and issued and held by...
- Joint Venture AgreementThis can be used where two or more existing businesses agree to co-operate and combine their resources with a view to...
- Letter of intentSee Heads of...
- Limitation ClauseThis sets a maximum on the amount of damages a party may have to pay if there is a failure of some part of the...
- Limited LiabilityThis generally refers to limited companies where the owners' liability to pay the debts of the company is limited to the value of their...
- Limited Liability PatnershipA Limited Liability Partnership (LLP) is a recognised legal entity by virtue of the Limited Liability Partnerships Act 2000, which has some features of a limited company and some of a...
- LiquidationThis refers to the process by which a company (or part of a company) is brought to an...
- Memoranda of UnderstandingSee Heads of...
- Memorandum of AssociationA document which is required to incorporate a UK...
- MergerThis is a combination of two companies to form a new...
- MisrepresentationThis is where one party to a contract makes a false statement of fact to the other party which is relied...
- Non-Executive DirectorA director who does not participate in the day-to-day management of the...
- NoticeAdvance notification by either party that a contract is about to...
- OfferAn offer to contract must be made with the intention to create a legal relationship upon...
- Ordinary ResolutionA resolution passed by a simple majority of members at a company...
- Outsourcing AgreementThis is an agreement designed for a person or organisation (the Service Provider) who intends to take over the provision or production of non-core operations for another person or organisation (the...
- Parent CompanyA company which owns more than 50% voting rights in another...
- PartnershipA partnership consists of two or more people formed with the aim of carrying on a business with a view to...
- Private Limited CompanyAn entity incorporated by registration whose members have a limited liability towards their...
- ProxyThis is a person who acts on behalf of another for a specific...
- Public Limited CompanyA company whose constitution must state it is a public company and which must satisfy requirements as to the minimum amount of its share...
- QuorumThe minimum number of people required at a business meeting for decisions to be...
- RatificationThis is the acceptance or confirmation of an act or agreement that has already been...
- ReceivershipThis is a type of bankruptcy a company enters when a receiver is appointed to run the...
- Registered OfficeThe official address of a company as stated on the register at Companies...
- Repudiation of ContractWhere one party to a contract refuses to comply, amounting to a breach of contract. Also, where a contract was made by a minor (person under the age of 18) who then repudiates it at or shortly after the age of...
- RescissionThe possibility to end a contract if it is entered into as a result of a...
- ShareA unit of economic value of a company to which are attached rights to vote and to participate in dividends and capital distributions of the...
- Share CertificateThis is issued by a company when a person is entered onto the register of members as the holder of the shares in the...
- Shareholders AgreementAn agreement which can be used where two or more parties wish to carry on business together as a limited company and wish to regulate the relationship between shareholders and determine actions in the event of...
- Sole TraderA sole trader operates as an individual without the use of a company structure or partners and has sole responsibility for the actions of the...
- Subject to ContractWords used on documents exchanged by parties during contract negotiations, denoting that the document is not an offer or acceptance and negotiations have not...
- Subsidiary CompanyA company which owns less than 50% of its own voting...
- UCTAUnfair Contract Terms Act...
- Unfair TermsContract terms which are deemed unfair by legislation and will not be enforced by the...
- VoidA contract which cannot be performed or completed at...
- WarrantiesPromises made in a contract, but which are less important than...