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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.