Examlex
Social Security is a plan where current workers' contributions pay for current retiree's benefits.
Materially Breached
The violation of a contract that is so substantial it significantly impacts the contract's purpose, justifying the other party's termination of the agreement.
Audit
An official inspection of an individual's or organization's accounts, typically by an independent body, to ensure accuracy and compliance with laws and regulations.
Contract
A legally binding agreement between two or more parties that defines and governs the rights and duties of the parties involved.
Substantially Performs
A legal concept that refers to the completion of the essential terms of a contract, even if there are minor deviations.
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