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Most Popular Legal Definitions
unissued stock
A corporation's shares of stock which are
authorized by its articles of incorporation but have never been issued to
anyone.
obiter dictum
Latin, an observation by a judge on a matter not specifically before the
court.
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.
arson
felony crime of intentionally burning a house or other building; the
perpetrators range from mentally ill pyromaniacs to store owners just hoping to
get insurance proceeds.
obligee
The person who is to receive the benefit's of someone else's
obligation.
vacate
1) For a judge to set aside or annul an order or judgment which he/she finds was
improper. 2) to move out of real estate and cease occupancy.
loss of consortium
the inability of one's spouse to have normal marital relations, which is a
euphemism for sexual intercourse.
remanet
In law, a case for trial which can not be tried during the term; a postponed
case.
duress
where a person is prevented from acting, or not
acting, according to their free will by threat or force of another
indirect tax
A tax which is levied indirectly; it is ultimately paid for by the consumer.