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STATUTE OF FRAUDS That law which requires certain contracts to be in writing and signed by the party to be charged therewith in order to be legally enforceable. INTEREST Charge paid for borrowing money, calculated as a percentage of the remaining balance of the amount borrowed. WAIVER Voluntary relinquishment or surrender of some right or privilege. LETTER OF CREDIT An agreement or commitment by a bank("issuer") made at the request of a customer ("account party")that the bank will honor drafts or other demands of payment from third parties ("beneficiaries") upon compliance with the conditions specified in the letter of credit. RIGHT TO RESCISSION Under the provisions of the Truth-in-Lending Act, the borrower's right, on certain kinds of loans, to cancel the loan within three days of signing a mortgage. BUYER'S MARKET Market conditions that favor buyers. With more sellers than buyers in the market, sellers may be forced to make substantial price concessions. ANCHOR TENANT Major department or chain stores which are strategically located at shopping centers so as to give maximum exposure to smaller satellite stores. |
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