What is a HUD-1 Form? The HUD-1 Settlement Statement, colloquially known as a closing sheet, is a form that lists all the closing costs involved in real estate sale transactions. Buyers and sellers typically use the HUD-1 to finalize reverse mortgage and mortgage refinance transactions. A Closing Disclosure form is used for all other types of transa...

What are Ethics?  Ethics are moral guidelines that indicate which behaviors are right and wrong. Ironically, it's not always easy to tell what is right and what is wrong. There are several reasons for this: Law & Ethics - One is that ethics are different from laws. Laws may not have to do with what's right or what's wrong. "Malum in Se" laws pro...

What is the Uniform Services Employment and Reemployment Rights Act? The Uniform Services Employment and Reemployment Rights Act (USERRA) protects the rights of service members in the military reserves or state national guards from discrimination based upon their military service obligations. Specifically, the law protects the rights of individuals ...

What is Lintner's Model? John Virgil Lintner, Jr., a professor at the Harvard Business School in the 1960s proposed the Lintner's model for corporate dividend policy called the "Lintner's dividend policy model". It proposes that, a company's current year's dividend is dependent on its current years earnings and it's last years dividend. Dividends ar...

What is a Tender in a Supply Contract? Tendering is a formal process of soliciting bids for a project that involves sending written documents to potential suppliers of goods or services, specifying the requirements of the project and inviting them to provide estimates within a specified deadline.  The tender process is usually initiated by the buyer...

Changing Careers through a Business Degree A business degree can be beneficial for individuals who seek to change or enter new careers.  In this article, we discuss the two major business degrees - Bachelors degree and MBA - and how they can allow you to make a career change. Bachelors Degree in Business A bachelors degree in a business field is gen...

What is the process for determining whether a descriptive mark is sufficiently distinctive? A descriptive mark must acquire a secondary meaning in order to be sufficiently distinctive to be protected by trademark law. Arbitrary, fanciful, and suggestive terms do not require that the mark have a secondary meaning, as they are sufficiently distinctive...

What exceptions exist to the requirement that a contract be in writing to be enforceable? Jurisdictions recognize a number of exceptions to the requirement that certain contracts be in writing to be enforceable. Common exceptions to the writing requirement are as follows:  Admission Under Oath - If a party admits under oath (such as in a deposition ...

What is Breaking the Buck? Breaking the buck is described as when the money market funds investment income can not cover operating expenses or investment losses. In other words, breaking the buck occurs when the net asset value of a money market fund indicates lower than $1. Interest rates drops can cause this fall, likewise, the fund's investment i...

What are the common types of conflicts regarding the priority of security interests? The following types of security interest are often in conflict: Lien Creditors vs. Security Interest - A lien creditor who establishes an interest in a debtors property prior to perfection by another secured party has priority over that secured party. Depending upon...