Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

ARREARS

A remaining debt or liability after the due date. An example of this would be a loan payment. AKA arrearage.

ARREARS SWAP

An INTEREST RATE SWAP with a floating INTEREST RATE that is set in arrears rather than in advance; thus, the rate may be set two days before payment date, rather than six

ARREST

To keep a person in lawful custody. A warrant, crime, or statute can authorize this.

ARREST WARRANT

A court order given to detain a party if probable cause is present. AKA warrant for arrest.

ARRESTABLE OFFENSE

An act with a fixed sentence or a minimum sentence. No warrant is needed if the party has or is about to commit such an offense.

ARROW’S IMPOSSIBILITY THEOREM

The theory that no election is swayed by the voting method used. The criteria of unrestricted domain, nondictatorship, paret efficienty, and independence of irrelevant alternative are used to determine the validity of

ARSENIC

A metal toxic to humans that causes skin cancer, lung cancer, peripheral vascular disease, and liver damages. It is used for gun shot and semiconductors.

ART PAPER

A paper coated in clay that creates more lifelike color and detail.

ARTICLE XII COMPANY

A company that does international banking. It is chartered under article XII in New York bank laws. They do not own equity and cannot accept deposits in New York.

ARTIFICIAL PERSON

A nonhuman entity that is created by law and is legally different owning its own rights and duties. AKA jusistic person and legal person. Refer to body corporate.

ARTWORK

A work or illustration that can be a drawing, letter, painting, or photographs. It is made to be reproduced by its instructions and color specifications.

AS IS

A clause stating that an item is bought with no warranty. The buyer takes the item as it is with any apparent or nonapparent faults.

AS OF DATE

1. payment terms on an invoice that require repayment on a different date than the creation of said invoice. 2. the date when an aggreement becomes official. 3. date when data is

ASBESTOS

A fiber that gets hard with age and pollutes the environment with its fine particles. It causes illness and cancer. It is in ceiling tiles, insulation, patching compounds, shingles, paint, flooring, and

ASCII

A code developed by the American National Standards Institute. Computers use it to turn text into a format computers can compute in other devices.

ASEPTIC

The state of being sterilized in a small area to reduce exposure.

A-SHARE

This share of stock features rental rights but no control rights over the company. The lack of authority generally provides a discount in price

ASKED PRICE

The lowest price a seller will take for a security. It is used in wholesale sales. The general public may not have this price. AKA asking price, ask price, offered price, offering

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