Examlex
Posting is the transfer of journal entry information to the ledger.
Specific Performance
A legal remedy that compels a party to execute a contract according to the precise terms agreed upon, rather than awarding damages for breach.
Punitive Damages
Financial compensation awarded to a plaintiff in a lawsuit, intended to punish the defendant for particularly harmful behavior.
Novation
Novation is the legal process by which an existing contract is replaced with a new contract, involving the same or different parties, where the obligations of the original contract are extinguished and replaced by new obligations.
Exemption Clause
A contractual provision that seeks to limit or exclude one's liability in certain situations, often subject to legal scrutiny for fairness.
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