The following is a non-exhaustive list of words that we think are important to understand regarding this topic.

Acceptance – The final and unequivocal expression of assent to another’s offer to contract.

Agreement –  A mutual understanding between two or more persons about their reciprocal rights and duties regarding past or future performances. Though much broader in meaning than the term contract, an agreement does not inherently create a legal obligation between the parties.

Consideration – Some right, interest, profit or benefit accruing to the one party of a contract, or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other; what is being exchanged between the parties, ex. artwork in exchange for money.

Contract – An agreement between private parties creating mutual obligations enforceable by law.  The basic elements required for the agreement to be a legally enforceable contract are: offer, acceptance, and adequate consideration.

Copyright – Copyright is a form of protection grounded in the U.S. Constitution and granted by law for original works of authorship fixed in a tangible medium of expression. Copyright covers both published and unpublished works. Copyright protects original works of authorship including literary, dramatic, musical, and artistic works, such as poetry, novels, movies, songs, computer software, and architecture. Copyright does not protect facts, ideas, systems, or methods of operation, although it may protect the way these things are expressed. (Source)

First North American Serial Rights (FNASR) – The publisher is the first one to publish your piece in print form in North American markets, prohibiting other U.S. publishers from publishing your article. However, you can still sell rights to your article to publishers outside of the U.S. After the periodical publisher has published your article, all rights return to you. You can then resell your article to another publisher with different rights, but no longer with FNASR. (Source)

Fiscal Sponsor – A nonprofit organization that provides fiduciary oversight, financial management, and other administrative services to help build the capacity of charitable projects. 

LLC – A Limited Liability Company (LLC) is a corporate structure whereby the owners are not personally liable for the company’s debts or liabilities. Limited liability companies are hybrid entities that combine the characteristics of a corporation with those of a partnership or sole proprietorship. (Source)

Offer – An explicit proposal to contract which, if accepted, completes the contract and binds both the person that made the offer and the person accepting the offer to the terms of the contract. Includes terms of a contract such as price, quantity, delivery dates, etc.