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Most Popular Legal Definitions

separation agreement

A private contract between separating spouses resolving issues of joint, family, or marital property or assets, support and child responsibilities.

absolute

Complete, and without condition.

precatory words

Words that express a wish or a desire rather than a clear command.

letters rogatory

A request of a judge in one jurisdiction to a court of another, to examine a specific witness.

class action

A lawsuit filed by one or more people on behalf of themselves and a larger group of people "who are similarly situated."

expropriation

In Canada, the forced sale of land to a public authority. Synonymous with the U.S. definition of eminent domain, which is the 'expropriation of private property for public use.'

abandonment

The act of intentionally and permanently giving something away as referred to a child or wife, 2.) relinquishment as referred to a right or estate 3.) careless demonstration of freedom (reckless abandonment)

check

A draft upon a particular account in a bank, in which the drawer directs the bank to pay a certain amount to a third party.

basis

the original cost of an asset to be used to determine the amount of capital gain tax upon its sale; an "adjusted basis" includes improvements, expenses, and damages between the time the original basis (price) is established and transfer of the asset; "stepped up basis" means that the original basis of an asset will be stepped up to current value at the time of the death of the owner, and thus keep down capital gain taxes if the beneficiary of the dead person sells the asset

capitalization

1) the act of counting anticipated earnings and expenses as capital assets for accounting purposes 2) The amount of anticipated net earnings which hypothetically can be used for conversion into capital assets.