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Most Popular Legal Definitions
coparcenary
an obsolete co-ownership mechanism of English law where property, if there was
no will, always went to the eldest son.
account stated
statement between a creditor--or the person to whom money is owned--and the
debtor that a particular amount is owed to the seller as of a certain date
covenant
written document in which signatories either
commit themselves to do a certain thing, to not do a certain thing or in which
they agree on a certain set of facts
lex loci
Latin, the law of a place as in where a right was acquired or a liability
incurred.
contract law
that body of law which regulates the formation and enforcement of contracts
agent
A person who is authorized to act for another (the principal) through
employment, by contract or apparent authority; the importance is that the agent
can bind the principal by contract or create liability if he or she causes
injury while in the scope of the agency
cause of action
The basis of a lawsuit founded on legal grounds and alleged facts which, if
proved, would constitute all the "elements" required by statute.
liquidity
the ability and ease for assets to be turned in to cash
visitation
a right granted to an individual not recognized
as the sole-custodian of a child
appreciate
to increase in value over period of time through
the natural course of events