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Most Popular Legal Definitions

express trust

A trust which is created by the settlor, usually in the form of a document, although it can be oral.

statute of frauds

A statute that set a minimum standard for enforceable contracts, usually requiring at a minimum something in writing or the actual exchange of reciprocal obligations, at least in part.

prorogation

To end a session of a Parliament, and all business then on the agenda, until it is summoned to reconvene.

limited partnership

A partnership with at least one general partner and a limited partner.

co-operative

a group of people formed as a separate organization and which has as a stated purpose either in regards to the public at-large or in regards to the common interests of the members

indefeasible

Not to be annulled or made void; not forfeitable.

mutual

referring to anything in which both parties have reciprocal rights, understanding, or agreement.

fair market value

The hypothetical probable price that could be obtained for a property.

license

A special permission given to do something on, or with, somebody's property.

amnesty

blanket abolition of an offense by the government, resulting in the removal of charges or convictions