Break The Code

Glossary Of Legal Terms

Assignment: the transfer of one party's rights to another

Contribution: the proportional sharing of a loss

Disclaimer: the denial of a claim and the refusal to accept responsibility for it

Exculpatory clauses: provisions that clear a party of fault

Indemnity: one person's agreement to protect another against loss

Integration (or merger): a contractual clause stating that the written agreement contains the complete understanding of the parties

Representation: a party's statement of fact which is influential in bringing about an agreement

Warranty: a promise that a fact is true

Marc Diener is an attorney and author of Deal Power: 6 Foolproof Steps to Making Deals of Any Size (Owl Books/Henry Holt). This article contains general information only. If you are concerned about how these issues might affect you, seek independent counsel.

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