Category: M

All contracting parties must enforce a contract for the contract to be legally enforceable, as a legal principle.

the term that applies to a non-profit organisation that is set up to benefit its members such as in times of sickness, life insurance benefits etc.

The requirement that all rules must apply to all parties to a contract for the contract to be enforceable. Otherwise, the contract must be rejected by all parties. No party is allowed to have unfair advantage of partially applied rules under any legal contract.

Interchangeable; reciprocal; each acting in return or correspondence to the other; given and received; spokeu of an engagement or relation in which like duties and obligations are exchanged. “Mutual” is not synonymous with “common.” The latter word, in one of its meanings, denotes that which is shared, in the same or different degrees, by two or more persons; but the former implies reciprocal action or interdependent connection. As to mutual “Accounts,” “Assent,” “Combat,” “Conditions,” “Contracts,” “Cove- nants,” “Credits,” “Debts,” “Insurance,” “Insurance Company,” “Mistake,” “Promise,” and “Testaments,” see those titles.

the term given to an account where the transactions are between 2 people u til a time when debts and credits are balanced.

Each partnerÕs right in a partnership to act as an agent in normal partnership business operations. Each has responsibility for their partnersÕ business related actions. Personal actions are excluded.

In old English law. A moss or marsh ground, or a place where sedges grow; a place overrun with moss. Cowell.

The meeting of the minds of both or ail the parties to a contract; the fact that each agrees to all the terms and conditions, in the same sense and with the same meaning as the others. Insurance Co. v. Young. 23 Wall. 107, 23 L. Ed. 152.

To assemble together troops and their arms, whether for inspection, drill, or service in the field. To take recruits into the service in the army and inscribe their names on the muster-roll or official record. See Tyler v. Pomeroy, 8 Allen (Mass.) 49S.

Owned by its depositors and sometimes borrowers, who are referred to as members in a saving and loan association. The members elect directors to its board of trustees. Members have no direct claim to the association’s earnings and mutual associations do not issue stock shares. Credit unions are a type of mutual association.