COMMERCE

An act of God refers to a severe, unanticipated natural event for which no human is responsible. Despite its facial religious connections, the phrase “act of God” is frequently used in otherwise secular statutory and case law.

Act of nature, also known as act of God, is an event that is caused solely by the forces of nature without human intervention.

• contracts

Actual authority is an agent's power to act on behalf of a principal because such power was expressly or impliedly conferred. Express actual authority is when a principal directly tells the agent that they have the authority to take certain action.

In tort law, actual damages, also known as compensatory damages, are damages awarded by a court equivalent to the loss a party suffered. If a party’s right was technically violated but they suffered no harm or losses, a court may instead grant nominal damages.

• tort law
• damages
• COMPENSATORY DAMAGES
• actual damages
• contract law

See: Americans with Disabilities Act (ADA).

[Last reviewed in November of 2024 by the Wex Definitions Team]

An addendum is an addition to a finished document, such as a contract. The most common addendum is an attachment or exhibit at the end of such a document. For example, a contract to manufacture widgets may have an addendum listing the specifications for said widgets.

• contract law

An adequate remedy is one that affords complete relief with reference to the particular matter in controversy and which is appropriate given the circumstances of the case.

An adhesion contract, also known as a contract of adhesion, is a contract where the parties are of such disproportionate bargaining power that the party of weaker bargaining power could not have negotiated for variations in the terms of the contract.

An adhesion contract exists if the parties are of such disproportionate bargaining power that the party of weaker bargaining strength could not have negotiated for variations in the terms of the adhesion contract.

• contract law
• courts

Adjustable rate mortgage (ARM) is a type of mortgage where the interest rate changes over time. In contrast, fixed rate mortgages made for 15, 20, or 30 years, have a set amount of interest on the loan that does not change. ARMs come in many different forms. The typical ARM has a fixed interest rate for a specific amount of time.