Sections
Article 1 Statute of Frauds 44-101
Article 2 Consideration 44-121
Article 3 Capacity to Contract 44-131 – 44-134
Article 3.1 Model Minor Student Capacity to Borrow Act 44-140 – 44-140.01
Article 4 Liability of Parties 44-141 – 44-145
Article 5 European Currency 44-161
Article 6 Exemption from Licensure Requirements 44-171

Terms Used In Arizona Laws > Title 44 > Chapter 1 - Contracts

  • Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
  • Adult: means a person who has attained eighteen years of age. See Arizona Laws 1-215
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Articles of incorporation: means the original or restated articles of incorporation or articles of merger and all amendments to the articles of incorporation or merger and includes amended and restated articles of incorporation and articles of amendment and merger. See Arizona Laws 10-140
  • Assets: means all real, personal, tangible and intangible property and rights in property, including cash, buildings, equipment, investments and contracts with other entities. See Arizona Laws 10-11251
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Bequeath: To gift property by will.
  • Bequest: Property gifted by will.
  • Board of directors: means the group of persons vested with the management of the affairs of the corporation irrespective of the name by which the group is designated and includes the governing body or bodies of a water users' association if the articles of incorporation of such water users' association provide for a governing body or bodies denominated other than as a board of directors. See Arizona Laws 10-140
  • Class: refers to a group of memberships that have the same rights with respect to voting, dissolution, redemption and transfer. See Arizona Laws 10-3140
  • Commission: means the Arizona corporation commission. See Arizona Laws 44-1801
  • Commission: means the Arizona corporation commission. See Arizona Laws 10-140
  • Community benefit activity: means any activity furthering community benefit purposes including any health care activity that includes education, prevention, promotion of community health, indigent care or any other charitable purpose. See Arizona Laws 10-11251
  • Community benefit assets: means every asset that has been used in connection with community benefit activity during the previous year. See Arizona Laws 10-11251
  • Community benefit organization: means a nonprofit charitable organization that is tax-exempt under section 501(c)(3) of the internal revenue code and whose mission is solely to engage in community benefit activities. See Arizona Laws 10-11251
  • Community benefit purposes: means those purposes for which an entity may qualify for exemption pursuant to section 501(c)(3) of the internal revenue code, or for similar activity engaged in by a for profit organization. See Arizona Laws 10-11251
  • Community health center: means a primary care facility that provides medical care in medically underserved areas as designated in section 36-2352 or in medically underserved areas or medically underserved populations as designated by the United States department of health and human services. See Arizona Laws 10-11251
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Devise: To gift property by will.
  • Distribution: means a direct or indirect transfer of money or other property, except its own shares, or incurrence of indebtedness by a corporation to or for the benefit of its shareholders in respect of any of its shares. See Arizona Laws 10-140
  • Educational institution: means a university, college, community college, junior college, high school, technical, vocational or professional school, or similar institution, wherever located, approved or accredited for the purposes of this article by the state board of education. See Arizona Laws 44-140
  • Educational loan: means a loan or other aid or assistance for the purpose of furthering the obligor's education at an educational institution. See Arizona Laws 44-140
  • Employee: includes an officer but not a director. See Arizona Laws 10-140
  • Entity: includes a corporation, foreign corporation, not for profit corporation, profit and not for profit unincorporated association, nonprofit corporation, close corporation, corporation sole or limited liability company, a professional corporation, association or limited liability company, a business trust, estate, partnership, registered limited liability partnership, trust or joint venture, two or more persons having a joint or common economic interest, any person other than an individual and a state, the United States and a foreign government. See Arizona Laws 10-140
  • Executor: A male person named in a will to carry out the decedent
  • Foreign corporation: means a corporation for profit that is incorporated under a law other than the law of this state. See Arizona Laws 10-140
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
  • Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Intestate: Dying without leaving a will.
  • Issuer: means any person who issues or proposes to issue any security, except:

    (a) With respect to certificates of deposit, voting-trust certificates, collateral-trust certificates, certificates of interest or shares in an unincorporated investment trust, whether or not of the fixed, restricted management or unit type, issuer means the person or persons performing the acts and assuming the duties of depositor or manager pursuant to the provisions of the trust or other agreement or instrument under which such securities are issued. See Arizona Laws 44-1801

  • Known place of business: means the known place of business required to be maintained pursuant to section 10-501. See Arizona Laws 10-140
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Member: means , without regard to what a person is called in the articles of incorporation or bylaws, any person or persons who, pursuant to a provision of a corporation's articles of incorporation or bylaws, have the right to vote for the election of a director or directors. See Arizona Laws 10-3140
  • Membership: refers to the rights and obligations a member or members have pursuant to a corporation's articles of incorporation and bylaws and chapters 24 through 40 of this title. See Arizona Laws 10-3140
  • Minor: means a person under the age of eighteen years. See Arizona Laws 1-215
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Newspaper: has the meaning set forth in section 39-201. See Arizona Laws 10-140
  • Nighttime: means the period between sunset and sunrise. See Arizona Laws 1-215
  • Nonprofit health care entity: means a licensed hospital or community health center that holds tax-exempt status pursuant to section 501(c)(3) of the internal revenue code. See Arizona Laws 10-11251
  • Notice of completion: means the written notice that is sent by the hearing officer to the chairman of the corporation commission after the hearing officer holds a public hearing and files a summary report pursuant to section 10-11253. See Arizona Laws 10-11251
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: includes an individual and entity. See Arizona Laws 10-140
  • Person: means an individual, corporation, partnership, association, joint stock company or trust, limited liability company, government or governmental subdivision or agency or any other unincorporated organization. See Arizona Laws 44-1801
  • Person: means individual, corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Arizona Laws 44-140
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Property: includes both real and personal property. See Arizona Laws 1-215
  • Publish: means to publish in a newspaper of general circulation in the county of the known place of business for three consecutive publications. See Arizona Laws 10-140
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
  • sell: means a sale or any other disposition of a security or interest in a security for value and includes a contract to make such sale or disposition. See Arizona Laws 44-1801
  • Shares: means the units into which the proprietary interests in a corporation are divided. See Arizona Laws 10-140
  • subscription: includes a mark, if a person cannot write, with the person's name written near it and witnessed by a person who writes the person's own name as witness. See Arizona Laws 1-215
  • Testator: A male person who leaves a will at death.
  • Transaction: means a merger, an interest exchange, a conversion, a domestication or a division, as applicable. See Arizona Laws 10-11101
  • United States: includes a district, authority, bureau, commission and department and any other agency of the United States. See Arizona Laws 10-140
  • Vote: includes authorization by written ballot and written consent. See Arizona Laws 10-3140
  • Voting power: means the total number of votes entitled to be cast for the election of directors at the time the determination of voting power is made, excluding a vote that is contingent on the happening of a condition or event that has not occurred at the time. See Arizona Laws 10-3140
  • Writing: includes printing. See Arizona Laws 1-215
  • written: includes blockchain technology as defined in section 44-7061. See Arizona Laws 10-140