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CHATTEL Personal property which is tangible and moveable. HEIR A person who inherits under a will or a person who succeeds to property by the laws of descent if the decedent dies without a will (intestate). NON-COMPETITION CLAUSE A provision in a contract or lease prohibiting a person from operating or controlling a nearby business which would compete with one of the parties to the contract. REFINANCE The act of obtaining a new loan to pay off an existing loan; the process of paying off one loan with the proceeds from another. RENT Fixed periodic payment made by a tenant or occupant of property to the owner for the possession and use thereof, usually by prior agreement of the parties. |
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