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Most Popular Legal Definitions
life estate
A right to use and enjoy land only for the life of the life tenant.
articles of incorporation
the basic charter of a corporation which spells out the name, basic purpose, amount and types of stock which may be issue, and any special
characteristics such as being non-profit
act of God
unpreventable natural catastrophe, such as; an earthquake, tidal wave, volcanic
eruption, hurricane, or tornado; an act of God is determined on two grounds: 1)
the extent of damage and chaos they wreak 2) the impingement on established
contracts, which often state that "acts of God" are admissible excuses for delay
or failure to fulfill a commitment; many insurance policies exempt coverage for
damage caused by acts of God.
contract
an agreement between persons which obliges each party to do or not to do a
certain thing
perpetuity
The state of being endless and forever.
churning
The unethical and usually illegal practice of excessive buying and selling of
shares for a stock for a customer by a stockbroker or sales agent for the
purpose of obtaining high sales commissions.
charge
1) In a criminal case, the statement of what crime the party is accused of. 2)
In jury trials, the oral instructions by the judge to the jurors just before the
jury begins deliberations. This
charge is based on jury
instructions submitted by attorneys on both sides and agreed upon by the trial
judge. 3) a fee for services.capital stock
The original amount paid by investors into a corporation for its issued stock.
Capital stock also does not reflect the value of corporate assets, which can go
up or down based on profits, losses, or purchases of equipment. Capital stock
remains as a ledger entry at the original price.
buy-sell agreement
contract among owners of a business which provides terms for their purchase of a
withdrawing partner's or stockholder's interest in the enterprise
age discrimination
employer's unfair treatment of a current or
potential employee up to the age of 70; illegal under the Age Discrimination
Unemployment Act (1967)