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Glossary Terms Archive - Page 2 of 6 - Coonley Law


“Consumer” means an individual who enters into a transaction primarily for personal, family, or household purposes.


“Contract,” as distinguished from “agreement,” means the total legal obligation that results from the parties’ agreement as determined by this title as supplemented by any other applicable laws.


“Contribution” means a tangible or intangible benefit that a person transfers to an entity in consideration for an ownership interest in the entity or otherwise in the person’s capacity as an owner or a member. The benefit includes cash, services rendered, a contract for services to be performed, a promissory note or other obligation of … Read more


“Corporation” means an entity governed as a corporation under Title 2 or 7. The term includes a for-profit corporation, nonprofit corporation, and professional corporation.


“Creditor” includes a general creditor, a secured creditor, a lien creditor and any representative of creditors, including an assignee for the benefit of creditors, a trustee in bankruptcy, a receiver in equity and an executor or administrator of an insolvent debtor’s or assignor’s estate.


“Director” means an individual who serves on the board of directors of a foreign or domestic corporation.

Distilled Spirits

“Distilled spirits” means alcohol, spirits of wine, whiskey, rum, brandy, gin, or any liquor produced in whole or in part by the process of distillation, including all dilutions or mixtures of them, and includes spirit coolers that may have an alcoholic content as low as four percent alcohol by volume and that contain plain, sparkling, … Read more

Domestic Entity Subject to Dissenters’ Rights

‚ÄúDomestic entity subject to dissenters’ rights” means a domestic entity the owners of which have rights of dissent and appraisal under this code or the governing documents of the entity.

Foreign Entity

“Foreign entity” means an organization formed under, and the internal affairs of which are governed by, the laws of a jurisdiction other than this state.

General Partner

“General partner” means: (A) each partner in a general partnership; or (B) a person who is admitted to a limited partnership as a general partner in accordance with the governing documents of the limited partnership.

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Texas Constitution