Consumer: means an individual who rents personal property under a rental-purchase agreement to be used primarily for personal, family or household purposes. See Arizona Laws 44-6801
Consummation: means the date on which a consumer becomes contractually obligated under a rental-purchase agreement or on the date the first payment is made, whichever is earlier. See Arizona Laws 44-6801
Contract: A legal written agreement that becomes binding when signed.
Cost of rental: means the difference between the total of all periodic payments necessary to acquire ownership under the rental-purchase agreement and the cash price of the rental property that is subject to the rental-purchase agreement. See Arizona Laws 44-6801
Counterclaim: A claim that a defendant makes against a plaintiff.
Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
Fee: means any charge, fee, cost or expense, however denominated, other than a rental payment. See Arizona Laws 44-6801
Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
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
Lessor: means a person who, in the ordinary course of business, regularly leases, offers to lease or arranges for the leasing of property under a rental-purchase agreement. See Arizona Laws 44-6801
Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
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.
Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
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
Personal property: includes money, goods, chattels, things in action and evidences of debt. See Arizona Laws 1-215
Population: means the population according to the most recent United States decennial census. See Arizona Laws 1-215
Probable cause: A reasonable ground for belief that the offender violated a specific law.
Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Rental-purchase agreement: means an agreement that is for the use of personal property by an individual for personal, family or household purposes, that is for an initial period of four months or less, that is automatically renewable with each payment after the initial period and that permits the consumer to become the owner of the property but that does not obligate or require the consumer to continue leasing or using the property beyond the initial period. See Arizona Laws 44-6801