Terms Used In California Codes > Education Code > Title 1 > Division 1 > Part 10.5 > Chapter 5 > Article 3 - Contracts

• Allegation: something that someone says happened.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Assets: means the inventory and equipment that is the subject of a bulk sale and any tangible and intangible personal property used or held for use primarily in, or arising from, the seller's business and sold in connection with that inventory and equipment, but the term does not include any of the following:

  California Commercial Code 6102

• Auctioneer: means a person whom the seller engages to direct, conduct, control, or be responsible for a sale by auction. See California Commercial Code 6102
• Bulk sale: means either of the following:

  California Commercial Code 6102

• Claim: means a right to payment from the seller, whether or not the right is reduced to judgment, liquidated, fixed, matured, disputed, secured, legal, or equitable. See California Commercial Code 6102
• Claimant: means a person holding a claim incurred in the seller's business other than any of the following:

  California Commercial Code 6102

• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• contract: means the bargain of the parties in fact, as found in their language or inferred from other circumstances, including course of performance, course of dealing, or usage of trade as provided in Section 1303. See California Commercial Code 1201
• Contract: A legal written agreement that becomes binding when signed.
• Creditor: means a claimant or other person holding a claim. See California Commercial Code 6102
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Date of the bulk sale: means either of the following:

  California Commercial Code 6102

• Date of the bulk-sale agreement: means either of the following:

  California Commercial Code 6102

• Debt: means liability on a claim. See California Commercial Code 6102
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• 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.
• Fraud: Intentional deception resulting in injury to another.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• 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}
• license: means license, certificate, registration, or other means to engage in a business or profession regulated by this code or referred to in Section 1000 or 3600. See California Business and Professions Code 23.7
• Lien: A claim against real or personal property in satisfaction of a debt.
• Liquidator: means a person who is regularly engaged in the business of disposing of assets for businesses contemplating liquidation or dissolution. See California Commercial Code 6102
• Net contract price: means the new consideration the buyer is obligated to pay for the assets less each of the following:

  California Commercial Code 6102

• Net proceeds: means the new consideration received for assets sold at a sale by auction or a sale conducted by a liquidator on the seller's behalf less each of the following:

  California Commercial Code 6102

• 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: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See California Commercial Code 1201
• person: includes any individual, partnership, firm, association, or corporation. See California Business and Professions Code 17506
• Personal property: All property that is not real property.
• Personal property: includes money, goods, chattels, things in action, and evidences of debt. See California Code of Civil Procedure 17
• Property: includes both personal and real property. See California Code of Civil Procedure 17
• Right: includes remedy. See California Commercial Code 1201
• Security interest: includes any interest of a consignor and a buyer of accounts, chattel paper, a payment intangible, or a promissory note in a transaction that is subject to Division 9 (commencing with Section 9101). See California Commercial Code 1201
• State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See California Commercial Code 1201
• State: means the State of California, unless applied to the different parts of the United States. See California Business and Professions Code 21
• Statute: A law passed by a legislature.
• Subdivision: means a subdivision of the section in which that term occurs, unless some other section is expressly mentioned. See California Business and Professions Code 15
• Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Value: means fair market value. See California Commercial Code 6102