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Most Popular Legal Definitions
obligations
Legal requirements established by law or contract.
general partner
The individual in a limited liability
partnership business structure who oversees the management of the business and
who is personally exposed to the debts of the business.
lien
A property right which remains attached to an object that has been sold, but not
totally paid for, until complete payment has been made.
treason
To aid or enlist with a state enemy or to attempt or conspire to harm the head
of state.
tax evasion
A prohibited or illegal act or omission which is designed to reduce a person's
tax liability.
unissued stock
A corporation's shares of stock which are
authorized by its articles of incorporation but have never been issued to
anyone.
deposition
official statement by a witness taken in writing
(as opposed to testimony which where a witnesses give their perception of the
facts verbally)
gift over
A device used in wills and trusts to provide for the gift of a property to a
second recipient if a certain event occurs, such as the death of the first
recipient.
physical custody
A child custody decision which grants the right
to take the day-to-day responsibility of caring for a child.
comparative negligence
a principle of tort law which looks at the negligence of the victim and which
may lead to either a reduction of the award against the defendant, proportionate
to the contribution of the victim's negligence, or which may even prevent an
award altogether if the victim's negligence, when compared with the defendant,
is equal to or greater in terms or contributing to the situation which caused
the injury or damage