By this term is understood the fixed amount which a party to an agreement promises to pay to the other, in case he shall not fulfill some primary or principal engagement into which he has entered by the same agreement it differs from a penalty. Vide Damages liquidated. 2. The damages will be considered as liquidated in the following cases: 1. When the damages are uncertain, and … [Read more...]

A formal contract with a broker to sell or lease property at a certain price and with certain terms and which authorizes the broker to list the item so as to make the public aware of the availability of the property. Usually the broker will receive compensation that includes commission for the successful sale or lease of the item and may include other compensation. With regard … [Read more...]

The member of an insolvent or dissolving partnership responsible for paying the debts and settling the accounts of the partnership. The partner who upon the dissolution or insolvency of the firm, is appointed to settle its accounts, collect assets, adjust claims, and pay debts. … [Read more...]

Latin meaning Pending the suit. … [Read more...]

The act or process of settling or making clear, fixed, and determinate that which before was uncertain or unascertained. As applied to a company, (or sometimes to the affairs of an individual,) liquidation is used in a broad sense as equivalent to "winding up;" that is, the comprehensive process of settling accounts, ascertaining and adjusting debts, collecting assets, and … [Read more...]