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1.
The acronym 'F.A.C.T.S.' stands for 'Flip A Car Tributary System'. The F.A.C.T.S. Pact is an organization amongst friends in which, in the case of one friend flipping their car in whatever situation, all agreeing members must donate ten dollars to the flipper. Designed for the purpose of cushioning the blow of fucking up your car, it works better with the more people you have in your F.A.C.T.S. Pact.

In the case that one member decides to not pay up, he is banned from the group and should not ever be paid in the case of his car flipping.
"Man, I totally fucked my car up, but at least I can ride the bus until its fixed on the money I got from the F.A.C.T.S. Pact."

"Bob is flipping shit because we aren't paying him for his flip, but he didn't cough up ten bucks when Joe flipped, so the F.A.C.T.S. Pact isn't gonna do shit for him."

F.A.C.T.S. Pact: When you flip your car, it's good to know the F.A.C.T.S.!
by Andrew Cohen June 05, 2006