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Most Popular Legal Definitions

obligations

Legal requirements established by law or contract.

general partner

The individual in a limited liability partnership business structure who oversees the management of the business and who is personally exposed to the debts of the business.

lien

A property right which remains attached to an object that has been sold, but not totally paid for, until complete payment has been made.

treason

To aid or enlist with a state enemy or to attempt or conspire to harm the head of state.

tax evasion

A prohibited or illegal act or omission which is designed to reduce a person's tax liability.

unissued stock

A corporation's shares of stock which are authorized by its articles of incorporation but have never been issued to anyone.

deposition

official statement by a witness taken in writing (as opposed to testimony which where a witnesses give their perception of the facts verbally)

gift over

A device used in wills and trusts to provide for the gift of a property to a second recipient if a certain event occurs, such as the death of the first recipient.

physical custody

A child custody decision which grants the right to take the day-to-day responsibility of caring for a child.

comparative negligence

a principle of tort law which looks at the negligence of the victim and which may lead to either a reduction of the award against the defendant, proportionate to the contribution of the victim's negligence, or which may even prevent an award altogether if the victim's negligence, when compared with the defendant, is equal to or greater in terms or contributing to the situation which caused the injury or damage