HR: Acquired or natural capacity, competence, dexterity, proficiency, talent, etc., that enables an individual to perform a particular act, job, or task successfully at any time. See also aptitude.
Borrower's ability to service a loan from his or her disposable income or cashflow, or the taxpayer's ability to pay the tax. Called 'capacity' in banking, it is a critical factor in obtaining a loan. See also five C's of credit and fixed charge coverage ratio.
Party capable of meeting its obligation(s) under a contract, as in the phrase "ready, willing, and able.”
Accounts that cover a full accounting period but omit detailed financial information. Abridged accounts are used, for example, to support an initial proposal or to present summary data. See also abbreviated accounts.
Shortened or condensed (but not summarized) version of a written work which preserves the overall meaning, structure, and style of the original version. Also spelled as abridgement. See also abstract, digest, outline, précis, summary, and synopsis.
To cancel or nullify an agreement or contract, either unilaterally or with mutual consent.
Alternative term for strict liability.
Alternative term for pure risk.
Complete internet address that takes one to the exact directory or file of a website. Also called absolute link. See also relative URL.
Statement of what a scholarly or complex written work contains, presented as a summary usually by someone other than the author of the work. An abstract aims to present only the gist of the subject matter, stresses brevity, and makes no attempt to preserve the flavor or style of the original. See also abridgment, digest, outline, précis, summary, and synopsis.
Alternative term for abstract of title.
Litigious action that is obviously in bad faith (such as one meant to delay the delivery of justice), frivolous, or vexatious (see vexatious action), and which is therefore either dismissed or stayed by the courts as misuse (abuse) of the legal process.
Termination of the contract of employment which, while correctly following the legal procedure, is nevertheless an abuse of managerial power in its harshness, unfairness, or vindictiveness. Such abuse of power is in itself illegal in many countries. See also unfair dismissal and wrongful dismissal.
Provision in a loan or mortgage agreement that allows a borrower to increase the monthly installment amount to pay off the obligation before its specified settlement date.
Provision normally included in loan documents, mortgage agreements, and other debt instruments (such as bonds and notes). It gives the lender the right to demand the entire loan amount (principal plus interest) to be paid at once, in case the borrower fails to make payments (defaults) or gets into serious financial difficulties. A loan document details (often in fine print) which actions or events can trigger the acceleration clause. Some banks include unspecific terms such as "if the bank otherwise deems itself insecure” to widen the scope of default. Also called call clause. See also act of bankruptcy.
Risk management technique appropriate where the cost of managing the risk is acceptable because the risk level is insufficient to justify the cost of risk avoidance.
Level of authorization to read and/or modify a record or datafile.
Extent to which a consumer or user can obtain a good or service at the time it is needed.
Amount billed for additional, supplemental, or special services provided, usually as a flat fee.