What Is a Unilateral Contract? A unilateral contract is a one-sided offer where the offer creates an obligation only if it is fulfilled by the performance of a specified act. The offeror commits to remit payment only following the occurrence of that certain act. In general, unilateral contracts are most […]
Insurance
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What Is a Contingent Beneficiary? What is a contingent beneficiary? It is the person next in line to receive a beneficiary-named account if the primary beneficiary is unable or unwilling. A contingent beneficiary is a secondary beneficiary who is essentially waiting in the wings, just in case. In other words, […]
What Is Voluntary Life Insurance? Voluntary life insurance is a type of financial protection that pays a cash benefit to a beneficiary if the insured dies. Employers may provide it as an optional benefit. In exchange for the insurer’s promise of reimbursement upon the insured’s death, the employee pays a […]
What Is a Branded Title Auto? A branded title identifies a vehicle that has sustained damage due to causes like accidents, flooding, odometer tampering, etc. Once a brand has been assigned to a car’s title, it cannot be removed by repair, no matter how thorough. A branded title indicates that […]
What Is a Hold Harmless Agreement? A hold harmless agreement is a legal document or clause stating that one party will not hold the other liable for damage, injury, or loss. As a result, this type of agreement shields individuals and companies against potential litigation. It requires the persons with […]
What Is Cestui Que Vie? Cestui Que Vie is the person for whom a benefit exists and whose life measures the duration of a trust, gift, estate, or insurance contract. The term, Cestui que vie is French for “he who lives“. It is a legal term for a person who […]