Terms Used In Tennessee Code > Title 47 > Chapter 25 > Part 19 - Motorcycle and Off-Road Vehicle Dealer Fairness Act

• All-terrain vehicle: means a motorized vehicle with no less than four (4) nonhighway tires, but no more than six (6) nonhighway tires, that is limited in total dry weight to less than three thousand five hundred pounds (3,500 lbs. See Tennessee Code 47-25-1902
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Current net price: means the price listed in the supplier's price list or catalogue in effect at the time the contract is canceled or discontinued, less any applicable trade and cash discounts. See Tennessee Code 47-25-1902
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Dealer: means any person engaged in the business of selling and retailing inventory, who enters into a retail agreement, and who, under the terms of the agreement receives inventory from the supplier. See Tennessee Code 47-25-1902
• Decedent: A deceased person.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• franchise agreement: means a written or oral agreement for a definite or indefinite period, in which a person grants to another person authority to use a trade name, trademark, service mark or related characteristic within an exclusive territory, or to sell or distribute goods or services, within an exclusive territory, at wholesale, retail, by lease agreement or otherwise. See Tennessee Code 47-25-1902
• Franchisee: means a person to whom a franchise is offered or granted. See Tennessee Code 47-25-1902
• Franchisor: means a person who grants a franchise to another person. See Tennessee Code 47-25-1902
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Inventory: means motorcycles, off-road vehicles, attachments and repair parts. See Tennessee Code 47-25-1902
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lineal descendant: Direct descendant of the same ancestors.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Motorcycle: means a motorcycle as defined in §. See Tennessee Code 47-25-1902
• Net cost: means the price the dealer actually paid to the supplier for the inventory, less any applicable trade, volume, or cash bonus discounts, plus freight and set-up expense. See Tennessee Code 47-25-1902
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Off-road vehicle: means any off-road motorcycle, all-terrain vehicle, utility vehicle or dune buggy. See Tennessee Code 47-25-1902
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means a sole proprietor, partnership, corporation, or any other form of business organization. See Tennessee Code 47-25-1902
• Personal representative: when applied to those who represent a decedent, includes executors and administrators, unless the context implies heirs and distributees. See Tennessee Code 1-3-105
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Representative: when applied to those who represent a decedent, includes executors and administrators, unless the context implies heirs and distributees. See Tennessee Code 1-3-105
• Retail agreement: means an agreement, including a franchise agreement that meets the requirements of a retail agreement, whether express, implied, oral, or written, between two (2) or more persons:
  (A) By which a person receives the right to:

  (i) Sell or lease inventory or services at retail or wholesale. See Tennessee Code 47-25-1902
• State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
• Supplier: includes a:
  (A) Wholesaler. See Tennessee Code 47-25-1902
• Terminate: includes the failure to renew. See Tennessee Code 47-25-1902
• United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
• written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
• Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105