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Most Popular Legal Definitions
joint and several liability
liability of more than one person for which each
person is required to pay back the entire amount of a debt or damages.
dominium directum
Latin, the qualified ownership of a landlord,
not having possession or use of property but retaining ownership.
loss
1) the value placed on injury or damages due to an accident caused by another's
negligence. The amount of monetary damages can be determined in a lawsuit. 2)
when expenses are greater than profits, the difference between money spent and
income.
amortalization
periodic payment plan to pay a debt in which the interest and a portion of the
principal are included in each payment by an established mathematical formula;
by figuring the interest on the declining principal and the number of years of
the loan, the monthly payments are averaged and determined; since the main
portion of the early payments is interest, the principal does not decline
rapidly until the latter stages of the loan term; if the amortization leaves a
principal balance at the close of the time for repayment, this final lump sum is
called a "balloon" payment
succession
The statutory rules of inheritance of a dead
person's estate when the property is not given by the terms of a will, also
called laws of "descent and distribution."
patent
An exclusive privilege granted to an inventor to
make, use or sell an invention for a set number of years.
qui non obstat quod obstare potest, facere videtur
Latin, an individual who does not prevent
something which he could have prevented, is taken to have done that
thing.
volenti non fit injuria
Latin, to one who is willing, no harm is
done.
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.
solicitor
A lawyer that restrict his or her practice to
the giving of legal advice and preparation of formal legal documents, and does
not normally litigate.