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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.