Examlex
The following data have been collected by capital budgeting analysts at Condel Brothers Oil Co. concerning the drilling and production of known reserves at an off-shore location:
Security Interest
A legal claim or lien on collateral that has been pledged, usually to secure repayment of a debt.
Clear Title
Ownership that is free of liens, disputes, or legal questions, fully enabling the transfer to another party.
Breach of Condition
A Breach of Condition refers to the failure to meet a condition stated in a contract, which is so fundamental that it allows the other party to terminate the contract and seek compensation for damages.
Warranty
A guarantee provided by a manufacturer or seller regarding the condition of a product and a promise of repair or replacement if the product does not meet specified criteria.
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