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Most Popular Legal Definitions
after-acquired property
1) personal or real property acquired by a debtor after he or she has agreed
that all his or her property secured a debt; the new property also becomes
security for the debt 2) property acquired by the bankrupt person after he or
she has filed papers to be declared bankrupt; this after-acquired property is
not included in the assets which may be used to any debts which existed at the
time of the bankruptcy filing
at will employment
provision found in many employment contracts
which suggest the employees works at the will of the employer; employers insert
in order to avoid claims of termination in breach of contract, breach of the
covenant of good faith and fair dealing, or discrimination.
misrepresentation
A false and material statement which induces a party to enter into a contract
insider trading
Participation in the illegal selling and buying of securities based on
privileged information.
salvage
1) to save goods. 2) payment to a person or
group which saves cargo from a shipwreck.
pension
A private or government fund, from which regular
benefits and stipends are paid to a person upon their retirement or
disability.
collusion
secretive agreement between two or more persons,
who seem to have conflicting interests, to abuse the law or the legal system,
deceive a court or to defraud a third party
sexual harassment
A term used in human rights legislation and
referring primarily to harassment in employment situations, related to sex or
gender, which detrimentally affects the working environment.
adjusted basis
the original cost of an asset adjusted for costs of improvements, depreciation,
damage, and other events which may have affected its value during the period of
ownership; this is important in calculating capital gains for income tax
purposes since the adjusted basis is generally higher than the original price
and will lower capital gains taxes
verification
The declaration under oath or upon penalty of
perjury that a statement or pleading is true, located at the end of a
document.