Quid Pro Quo

Amount paid back or credit given because of an overcollection or the return of property sold. Also called refund. Unearned interest refunded to a borrower if the loan is paid off before ...

Any of a number of types of covenants agreeing to do or not to do something that is attached to the title and is passed form one owner to the next. See also covenant running with the land. ...

Obligation requiring payments of interest and principal at periodic dates, usually monthly. Interest equals the balance of the loan at the beginning of the period multiplied by the interest ...

Oral or written contract that is not enforceable by the judicial system. Examples are contracts with minors, fraudulent agreements and contracts that exceed the statute of limitations. ...

A bond, also known as a completion bond, given by a contractor and issued by an insurance company to guarantee the completion of contracted work. Public authorities often require a ...

Cubic unit of measure for a board one-foot long, one-foot wide and one inch thick, or 144 cubic inches. These measurements are not actual, since they are stated prior to finishing and ...

The maximum depth to which the ground normally becomes frozen in a given geographic area. The depth of the frost line is an important consideration when placing or installing pipes or any ...

Person or business that benefits from the work of another person or business. The recipient has not compensated the other party for this gain. In law, the one being enriched at the ...

Money earned or accrued during an accounting period that results in the increase in total assets. Items such as rental income. Revenues arising from the sales of real estate. The ...