Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
irrevocable
adj. Unalterable; committed beyond recall. - irrevocability, n. irrevocable guaranty. See GUARANTY.
irrevocable guaranty
A guaranty that cannot be terminated unless the other parties consent.
irrevocable letter of credit
See LETTER OF CREDIT.
irrevocable offer
. An offer that includes a promise to keep it open for a specified period, during which the offer cannot be withdrawn without the offeror's becoming subject to liability for breach of contract. ( Traditionally, this type of promise must be supported by consideration to be enforceable, but under UCC ยง 2-205, a merchant's signed, written offer giving assurances that it will be held open - but lacking consideration - is nonetheless irrevocable for the stated period (or, if not stated, for a reasonable time not exceeding three months). - Also termed (in the UCC) firm offer; (specif.) merchant's firm offer.
irrevocable power of attorney
A power of attorney that the principal cannot revoke. - Also termed power of attorney coupled with an interest. See power coupled with an interest under POWER.
irrevocable trust
See TRUST.
revocable
adj. Capable of being canceled or withdrawn <a revocable transfer>.
revocable guaranty
See GUARANTY.
revocable guaranty.
A guaranty that the guarantor may terminate without any other party's consent.
revocable letter of credit
See LETTER OF CREDIT.
revocable trust
A trust in which the settlor reserves the right to termi- nate the trust and recover the trust property and any undistributed income. savings-account trust See Totten trust.