Accord and satisfaction is a legal concept that enables one party to a contract to fulfill their contractual duty differently than originally agreed, provided the other party consents. This concept involves two components: an accord and a satisfaction.
A buy-sell agreement is a legally binding pact among partners or stockholders that outlines the process for one party to buy the interests of another if certain events occur, such as the death of a partner.
An incontestable clause is a provision in an insurance policy that prevents the insurer from voiding coverage due to fraud or misstatement by the insured after a specified period.
The term 'more or less' is used in legal contracts to allow for a slight deviation from the specified amount or measurement. For example, land described as 100 acres, more or less, means the contract remains valid even if the land is slightly more or less than 100 acres.
