FROOGLE GLOSSARY
Common Terms that are Relevant to Finance & Insurance
Term | Short Definition |
---|---|
A Fortiori | with stronger reason (a second fact is supported by a conclusory fact) |
Ab Initio | from the beginning (usually in the context of clerk default) |
Abatement | a pause (or a reduction) in a proceeding |
Abeyance | an incomplete state of affairs (compare with abatement) |
Abjure | to retract/recant/nullify (see nugatory; vitiate) |
Abridge | to obstruct/interfere-with (eg, abridge a constitutional right) |
Abrogate | to cancel/repeal (usually in the context of legislation) |
Abuse of Discretion | to make arbitrary/unreasonable rulings; reversible on appeal |
Abuse of Process | committing a legal act with an ulterior motive (see frivolous) |
Acceleration | the hastening of time to conclude a matter |
Acceleration Clause | provision that vests something earlier than originally slated |
Account | a detailed statement of debits and credits |
Accounting Method | way of calculating a business' finances |
Accounts Payable | money that you currently owe |
Accounts Receivable | money that people currently owe you |
Accredited Investor | people who can buy securities outside of generic regulations |
Accretion | adding something by virtue of someone else's abstinence/subtraction |
Accrue | to increase in value |
Acquire | to obtain |
Action | a judicial proceeding |
Actuary | a professional who calculates risks/finances |
Ad Hoc | Lat.: for this special purpose (connotes immediacy) |
Ad Valorem | according to value (in the context of property taxes) |
Adjudication | the legal determination of a claim/case/controversy |
Adjusted Gross Income | revenues minus expenses |
Adjuster | an employee who determines an insurance claim payout |
Administrative Agency | a governmental/regulatory body that oversees a set of laws |
Administrative Law Judge | the hearing officer who makes findings of fact regarding executive action |
Admissible Evidence | information that a Court can use in its adjudication |
Adverse Inference | whatever you're hiding must be good/incriminating |
Advocate | someone who provides legal assistance to a party |
Affiant | the author of an affidavit |
Affidavit | a sworn written statement under oath |
Affirmation | a sworn acknowledgment of truth (subject to penalties of perjury) |
Age of Majority | age that the authorities will recognize your specific legal rights |
Agent | someone who represents another entity (consider with master-servant) |
Agreement | assent between multiple parties |
Alienation | voluntary transfer of title/possession to another person |
Allegation | an assertion of fact that the issuing party intends to prove |
Alt. Dispute Resolution | various ways to conclude a suit without trial (eg arbitration; mediation; etc.) |
Alter Ego | erecting a corporation to conceal your personal actions |
Amend | alter/update (eg amend a pleading) |
Amicus | a friend of the court (sort of like an interpleader) |
Ancillary Jurisdiction | authority over an auxiliary claim even if that claim wasn't explicitly stated |
Annual Report | financial statement that dislcoses a companies activities |
Annuitant | the person who receives an annuity (ie, regular financial payments from an investment) |
Annuity | regular financial payments β from an investment |
Answer | the defendant's response to the plaintiff's complaint |
AntiLapse Statute | laws that allow an heir's heir to receive his/her inheritance upon the heir's premature death |
AntiTrust Laws | laws that promote free competition/trade by combatting monopolies/collusion/etc. |
Apparent Authority | presumed authority (consider with principal) |
Appeal | a request to a higher court to review the decision of a lower court |
Appearance | showing up in court to prosecute/defend an action |
Appellant | the person who filed the appeal |
Appellate | a court that handles appeals |
Appellee | the appellant's opponent |
Appointment of Receiver | judicial act that names a person/entity to finalize an insolvency |
Apportion | to divide funds fairly/proportionately |
Appraisal Rights | laws that give minority stockholders recourse upon extraordinary acts [of the corporation] |
Appraise | to asses/estimate |
Appreciate | to increase in value |
Appropriate | to allocate funds (typically in a corporate/government context) |
Appropriation | the allocation of funds (for public/private use) |
Appurtenant | an attachment to some other property |
Arbiter | the person who conducts the arbitration hearing; needs court's confirmation |
Arbitrage | risk-free profit derived from investing |
Arbitration | a method of alternative dispute resolution which does not require trial |
Arbitrator | the person who conducts the arbitration hearing; decision is final |
Argument | persuasive legal presentation |
Arm's Length | state of affairs between unrelated parties |
Arrears | overdue payment |
Articles of Incorporation | paperwork that certifies the existence of a company |
Artificial Person | a corporation (also see alter ego) |
ASE | the american stock exchange (where securities get traded) |
Assess | evaluate |
Assessment of Deficiency | the tax that the government has determined that you have failed to pay |
Asset | an item that is a monetary value |
Assign | owned items that have a positive monetary value |
Assigned Risk | perilous drivers whom the government has assigned to certain insurers |
Assignment | transfering someone's rights/properties to another person |
Assignment of Income | a taxpayer directing that his/her income be paid to another person |
Assigns | the people who will receive the inheritance (also see issues; beneficiaries) |
Assumption of Risk | an employee's informed consent to the perils of his/her job |
Attorney General | the top cop |
Attorney-Client Privilege | confidentiality applied when someone consults with a lawyer (see privilege) |
Audit | to double-check/review a company's finances |
Audit of Return | an IRS Agent's review of a taxpayer's tax return |
Auditor | the person who reviews a company's finances |
Authority | the power to govern over someone/something |
Avoidance of Tax | a legal method of reducing tax liability |
Award | the relief/remedy granted by an arbiter |
Term | Short Definition |
---|---|
Bad Check | a check that is founded on insufficient funds |
Bad Debt | a debt that cannot be collected |
Bad Debt Reserve | a savings vehicle that mimics the amount of unfulfilled debts that a company accrues |
Bad Faith | underhanded/dishonest/defiant conduct (see misconduct, perjury, sanction) |
Bad Title | a title that is legally insufficient to convey property |
Badges of Fraud | signs that financial deception is at play |
Bailiff | the courtroom assistant (the one who typically dresses like a cop) |
Bailment | delivering personal property to be held in trust |
Balloon Note | financial instrument that experiences a sudden increase (in payment) |
Bank | financial institution that stores people's money |
Banker's Lien | a bank's prerogative to appropriate a customer's deposits towards a customer's debts |
Bankrupt | inability to satisfy one's debt obligations |
Bankruptcy | insolvency |
Bankruptcy Court | a federal trial court that is devoted to adjudicate bankruptcy proceedings |
Bar | prohibit; preclude |
Bargain | a voluntary agreement to transact in goods |
Bargain and Sale | a non-guaranteed contract that conveys property (and transfers title) |
Bargaining Unit | a group that represents employees/contractors in collective bargaining efforts |
Barter | to trade items without using money |
Basis | the taxpayer's cost in acquiring an asset |
Bear Market | a booming market; a market that is experiencing growth (ie, increase in prices) |
Bearer | the person who possesses the instrument/document that is being paid upon |
Bearer Paper | financial items that can be deposited by anybody [who possesses them] (eg, a T-Bill) |
Bench | synonym for Judge (cf. the physical location where the judge sits [in a courtroom])] |
Benefactor | the person who gives out the benefits |
Beneficial Interest | a beneficiary's equitable stake in a trust |
Beneficiary | the person who receives the benefit |
Benefit | anything that a taxpayer receives that provides him/her an economic gain |
Bequeath | bestow a benefit onto another person/entity |
Bequest | a gift/grant/payment/reward |
Bid | an offer to buy/sell goods |
Bill | an invoice |
Binding | obligatory (usually set by an appellate court opinion) |
Blue Chip Stock | common stock of a popular company |
Blue Sky Laws | state laws aimed at preventing stock trading of fraudulent companies |
Board of Directors | group of individuals who oversee the affairs of a company |
Boardroom | physical location where the board of directors meet |
Boiler Room | a high-pressured sales environment |
Bona Fide | genuine |
Bona Fide Occupational Qualification | (BFOQ); characteristic of a job that requires discrimination |
Bona Fide Purchaser | a person who innocently buys something |
Bond | a loan to corporation/entity |
Bondsman | a person who buys performance/surety bonds for another person/entity |
Book Value | the price of an item β as listed on a financial ledger |
Borough English | an english custom of inheritance that bestowed inheritances on the son |
Breach | failure to uphold a contractual duty |
Bribery | giving a public official money/gifts in order to influence an official act |
Brief | a legal pleading (usually in an appellate case) |
Bulk Transfer | when a business owner sells part of his business but skips out on his creditors |
Bull Market | a falling market; a market that is experiencing collapse (ie, decrease in prices) |
Bunching | concentrating ross income in multiple years (thereby evading tax) |
Burden of Proof | an aspect of adjudication that requires a party to produce evidence |
Business Cycle | a fiscal period (by which finances are evaluated) |
Buy-Sell Agreement | a contract between co-owners to dissolve their shares |
Bylaws | rules & regulations that govern an organization |
Term | Short Definition |
---|---|
Call | exercise a right/privilege |
Call Option | a derivative that allows a future stock purchase at a specified price |
Callable Bond | a loan that the seller/issuer can immediately request re-payment on |
Calumny | vilification/slander (usually found inside settlement agreements) |
Capacity | the mental faculties to handle your own affairs |
Capital | funds that are used for sustaining/growing a corporation/venture |
Capital Account | the accounting records of the business' own equity/ownership |
Capital Gains or Losses | realized gains/losses from the sale/exchange of capital assets |
Capital Intensive | an industry sector that requires large amounts of physical machinery compared to labor |
Capital Market | a place to buy/sell long-term fixed income securities (eg, bonds) |
Capitalization | the process of converting expected earnings into an asset |
Capitalized Value | present value of future earnings |
Carryback | a tax function that allows a person/entity to apply tax deductions to prior years |
Carryover | a tax function that allows a person/entity to apply tax deductions to future years |
Carve Out | separating the income stream from the property (which produces it) |
Case | an action/cause/lawsuit |
Cash Sale | stipulation that undisclosed manners of payment are assumed to have been paid in cash |
Cash Surrender Value | the amount of the insured's money that is stored inside of a life insurance policy |
Casualty Loss | financial/property losses due to uncontrollable events |
Causa Mortis | an anticipation of an approaching death |
Cause Proxima | the most-closely related cause |
Cause of Action | a legal claim stemming from a specific event |
Caveat Emptor | buyer beware |
Certificate of Deposit | a simple investment device that only allows withdrawal after a certain period of time |
Certificate of Incorporation | the document permits the corporations existence (this certificate succeeds the articles of incorporation) |
Certificate of Title | document that verifies the existence of a property title |
Certiorari (Writ) | a writ that a higher court uses to retrieve info from a lower one |
Cf | compare (latin) (often used in appellate opinions) |
Chain of Title | sequence of successive title holders |
Challenge | to question/object |
Chancery | equity (old english term) |
Charitable Contribution | a gift to a foundation/non-profit |
Charity | a nonprofit institution organized and operated exclusively for beneficial purposes |
Charter | the initial governing documents |
Chattel | a tangible/movable thing/object |
Chattel Mortgage | a lien on personal property to secure payment of money owed |
Check | a draft on a bank account that is payable on demand |
Check Kiting | an illegal scheme that involves forwarding bad checks |
Child & Dependent Care Credit | a tax credit to offset the expenses related to having dependents |
Circuit Court | a judicial court that is comprised of many smaller courts |
Circumstantial Evidence | indirect information that can be used to infer the material facts |
Citation | legal reference (eg, citation to a statute/opinion/etc). |
Claim | facts that give rise to a court's adjudication |
Claim of Refund | a written request for a return of all/part of overpaid taxes |
Class Action | a lawsuit that consolidates many similarly-situated plaintiffs as one plaintiff |
Class Gift | a gift to an unknown number of people; to be divied up proportionally |
Classified Stock | dividing common stock into different classes |
Clause | a provision within a contract/agreement |
Clayton Act | a set of federal statutes to combat antitrust problems |
Clear & Convincing | obvious (in the context of a [heightened] standard of proof). |
Clear Title | unfettered ownership |
Clerk | the person who handles many of the court's clerical duties |
Codicil | a supplement to a will |
Coercion | forcing someone to do something against their free will |
Cogent | compelling (usually in the context of a legal argument) |
Cognizable | within a court's jurisdiction |
Coheir | a person who will share inheritance with another person/entity |
Collateral | properties/items that have been put up in order to secure financing |
Collateral Attack | a legal action that assails the final judgment of a prior case (eg, habeas corpus) |
Collateral Estoppel | issue preclusion; previously litigated matters cannot be re-litigated |
Collective Bargaining | the process of settling labor disputes (typically via negotiation) |
Collusion | deceitful agreement to exploit a person/opportunity |
Color of Law | official capacity or even proxy-official capacity |
Color of Title | an invalid instrument that appears to pass title |
Comity | deferring to another jurisdiction |
Commerce Clause | clause in Art I. Β§8 US granting Congress power to regulate interstate commerce |
Commercial Paper | a negotiable instrument that involves a future payment on debt |
Commercial Unit | an indivisible product/good |
Commingling of Funds | mixing personal money with the client's money |
Commission | a fee that is paid to an agent for services performed (eg, a commission on insurance sales) |
Commodity | a tangible good |
Common Law | adjudication based on precedent |
Common Stock | small ownership in a corporation; but it has less rights/priorities than preferred stock |
Compact Clause | constitutional provision forbidding the states from contracting with one another |
Company | an organization that performs an activity/business/enterprise. |
Compensation | payment for goods/services |
Competent Subtantial Evidence | evidence that is fact-based; open for cross examination; and satisfactory to a reasonable mind |
Complainant | the person who initiated legal action (context β administrative agency) |
Complaint | the written allegations/charges/counts [in a lawsuit] |
Compound Interest | interest that grows upon itself |
Concealment | hiding/destroying material evidence (see spoilation) |
Conciliation | a method of alternative dispute resolution that doesn't require trial |
Condition | a prerequisite needed to spark a subsequent legal action |
Conditional Fee | a commission-based payment that is contingent upon something |
Confiscate | to take away |
Confrontation Clause | a right for the accused to confront his/her accuser (see 6th Amendment) |
Consanguinity | blood-relation |
Consent | agreement; often a key element in legal cases |
Consent Judgment | an agreement between two parties on final judgment (compare settlement) |
Conservator | a person who has dominion over another person's affairs (eg, a receiver) |
Consideration | payment for goods/services |
Consignee | the recipient of shipped goods |
Consignment | the delivery of goods β without sale β to a dealer |
Consignor | the person who ships the goods |
Consolidated Appeal | joining/litigating multiple related cases together (in one case) |
Conspiracy | multiple people who've worked together to injure another |
Conspirator | someone who is engaged in a multiperson scheme [to injure another] |
Constitution | fundamental principles of law created by a government |
Construction | the way to interpret ambigious statutes |
Constructive Discharge | getting harassed into quitting |
Constructive Knowledge | a substitute for actual knowledge |
Construe | to interpret language/text |
Consumer | the person who will ultimately use the good/service (while having minimal re-sale interests) |
Consumer Goods | items that will be used for their ultimate purpose |
Consumer Protection | guardrails to prevent merchants from abusing consumers |
Contempt | disrepecting or disobeying court orders |
Contingencies | possible future events that are uncertain, yet manageable |
Contingent Beneficiary | a person who will receive a benefit if some unintended event occurs |
Contingent Estate | an interest in land that depends on the occurrence of some future event |
Contingent Fee | a commission-based payment that is contingent upon something |
Contingent Liability | a liability that only accrues if uncertain facts/circumstances occur [in the future time] |
Contract | a legal agreement |
Contractor | a party to an agreement (compare independent contractor with servant) |
Contribution | payment for goods/services |
Contumacy | contemptuous; disrepecting or disobeying court orders |
Convertible Securities | bonds and preferred stock that can be traded for common stock |
Convey | to transfer property to another person |
Coparcenary | multiple females inheriting an estate due to the default of male heirs |
Coparceners | multiple people who've inherited co-ownership of a property (by virtue of descent) |
Coparceny | the English custom that equally divided an inheritance to all daughters |
Corporate Opportunity | precluding corporate officers from appropriating corporate business/ventures for their personal benefit |
Corporation | a legal entity that allows multiple shareholders to experience the benefits of business operations |
Corpus | the body/main substance |
Cosign | adding a non-party/third-party signature to a document |
Cost of Living Clause | contract provision that indexes the prices according to a cost-of-living element |
Cotenancy | simultaneous possession of a property right |
Counsel | attorney/lawyer; or - in a different context - to advocate |
Count | a distinct allegation (which features legal ramifications) |
Counterclaim | a defendant's charges against a plaintiff |
Coupons | periodic payments from bonds |
Court | practical expression of the judicial branch of government |
Court of Claims | a federal trial court that adjudicates government contracts/regulations/laws/etc. |
Court of Equity | a court that deals with fairness |
Court of Law | a court that deals with law |
Court Reporter | the person who transcribes testimony |
Covariance | how a binomial dataset fluctuates |
Covenant | a widespread agreement |
Covenant not to Compete | contract provision that precludes a party from engaging in similar business ventures |
Credit | loaned money |
Credit Card | a small plastic object that purchases (via credit) |
Creditor | the person/entity that lends money |
Cross Examination | asking a witness questions [on the stand] after he/she testified |
Cross-Claim | a defendant's charges against another defendant |
Current Liabilities | accounts payable that are due within a year |
Curtesy | a husband's right to a life estate (upon his wife's death) |
Curtilage | the immediate area surrounding a building |
Custody | keeping something |
Term | Short Definition |
---|---|
Damages | the relief sought as a remedy to the alleged wrongdoing |
De Facto | based on fact/practice/tradition (compare with de jure) |
De Minimis | trifling/small; not worthy of legal attention |
De Novo | anew (start a subsequent proceeding as if the first one never happened) |
Debenture | written acknowledgement of a secured debt |
Debit | outbound money (that's already been charged to your account) |
Debt | an obligation to pay money to another person/entity |
Debtor | the person/entity that borrows money |
Deceased | dead |
Decedent | a dead person |
Declaratory Judgment | a court order stating the rights a person has in a particular situation |
Decree | a judgment/determination in a court of equity (eg, divorce decree) |
Decrements | time-based decreases in quantities |
Dedication | giving land/property to the public |
Deductions | offsets against gross income (to reduce one's taxable income) |
Deed | a written instrument that transfers land |
Deed of Trust | transfering legal title to a trustee |
Deep Rock Doctrine | a methodology that combats prioritization of improper shareholder loans |
Defalcation | a fiduciary's failure to pay money that is due |
Default | failure to perform a duty |
Default Judgment | judgment against a Defendant for that Defendant's failure to answer the complaint |
Defeasance | an instrument that defeats a deed/will |
Defective Title | a tainted (and probably inoperate) ownership right |
Defense | denial/answer/plea disputing the validity of the plaintiff's case |
Deferment | postponment |
Deficiency | discrepancy between correct tax liability and actual tax liability |
Deficit | based on fact/practice/tradition (compare with de jure) |
Defraud | deceive another person in order to receive financial gain |
DeJure | based on law/rule (compare with de facto) |
Delinquent | outstanding debts |
Delisting | removing a stock from an exchange |
Delivery | voluntary transfer of title/possession to another person |
Demand Note | request for payment |
Demise | transfering an estate in real property (or leasing it out) |
Demur | rebut a complaint by saying that it is legally insufficient |
Demurrer | formal demur |
Dependent | a person who resides with a taxpayer; yet does not proliferate his/her own taxable income |
Deposition | a judicial interrogation of a witness (taken under oath) |
Depositor | a person who puts money into a financial institution (eg a bank) |
Depreciation | a decrease in value |
Depreciation Reserve | the total amount of depreciation that has been charged against productive assets |
Derivative | a financial bet |
Descent | acquiring property without a will |
Descent and Distribution | transferring a predecessor's property to his/her heirs |
Devise | a gift of real property that is made by a will |
Dictum | additional, non-binding reasoning in an opinion |
Diligence | specific attentiveness (which satisfies a legal requirement) |
Diminution in Value | damages suffered due to a contract breach |
Direct Evidence | information that is not open to interpretation of the material facts |
Discount | a reduction from a specified sum to reflect that payment isn't due until a future date |
Discounted Cash Flow | calculation of the present value of future money |
Discovery | the process of recovering evidence pertinent to a case |
Discretion | freedom to choose |
Discrimination | unequal treatment |
Dishonor | disregard; rebuke any prior responsibilities/obligations |
Disinheritance | to cancel a donee's/heir's inheritance |
Disintermediation | transfering savings into money-market investments |
Dismissal | terminating a case; usually without adjudicating the merits of it |
Disposition | closing a case |
Disqualification | removal from a case due to impropriety (also see recusal) |
Disseisin | dispossessing someone of his/her land (by using claim β or color of title) |
Dissolution | the termination of a corporation's legal existence |
Distribution | paying someone (or multiple people/entities) |
District Court | a federal court that has territorial jurisdiction |
Diversity (Citizenship) | the rule that says people of different states can litigate in federal court |
Divestiture | surrendering a right/title/interest/property/etc. |
Dividend | periodic payments from stocks |
Docket | the record of documents that are before the court |
Document | information submitted to the court (writings/recordings/etc.) |
Document of Title | a receipt that indicates entitlement to specified goods/etc. |
Domain | the lands & buildings within someone's dominion |
Domicile | the place of residence |
Domiciliary | a resident of a state/nation |
Dominant Estate | retained land that succeeds conveyance; and trumps the servient estate |
Dominion | title and control over a location |
Donative Intent | a donor's voluntary intent to make a gift |
Donee | the person who receives the gift |
Donor | the person who gives a gift |
Double Jeopardy | prosecution/punishment twice for the same offense (also see res judicata) |
Dowager | a widow who is supported by her dead husband's property |
Dower | an estate that a wife is entitled to [upon her husband's death] |
Dowry | a payment that a wife gives to her husband [upon marriage] |
Draw | to take out |
Drawee | the person who takes the money out |
Due Process | legal fairness (characterized by notice and an opportunity to be heard) |
Duress | distress |
Term | Short Definition |
---|---|
Earnings and Profits | corporate income that could be distributed as a dividend |
Earnings Report | a financial statement that gives operating results |
Easement | to convert someone else's land into something that is publicly beneficial |
Ejectment | a type of eviction |
Election Under the Will | a principle that states that accepting a will means submitting to all of its provisions |
Embezzlement | unlawful mismanagement of money |
Emblements | signs that embezzlement is happening |
Emolument | profit derived from office/rank/employment/labor |
En Banc | all of the judges (ie, entire bank of judges) - primarily for appellate decisions |
Enclosure | land enclosed by something other than an imaginary boundary line |
Encroach | to gradually intrude upon the rights/property of another person/entity |
Encumbrance | rights/interests that diminish a land's value (eg, pending litigation) |
Endowment | a permanent devotion of property/money bestowed upon a person/institution |
Endowment Insurance | an agreement by which the insurer pays [the beneficiary] a specified amount |
Enfeoff | the methods of conveying freehold estates |
Enjoin | stop/prevent (see injunction) |
Entail | to create an estate (aka a "fee simple absolute") |
Entity | a being that exists β for tax/accounting purposes |
Equal Protection | Fourteenth Amendment clause prohibiting discrimination in the legal system |
Equitable | fairness |
Equitable Distribution | a fair parsing out of money |
Equitable Estoppel | preventing the harm caused when an authority misleads an individual |
Equitable Recoupment | a fair parsing out of divorce money |
Equity | fairness |
Equity | fairness |
Equity of Redemption | the mortgagor's right to redeem property after default |
ERISA | employee retirement income security act - to protect the retirement funds of employees |
Erroneous | mistakes/misgivings that were committed within one's authority |
Escalator Clause | provisions of a lease/contract that increase the price due to some external event |
Escape Clause | a provision in a contract permitting a party to renege on its obligations |
Escheat | assignment of property to the state |
Escrow | a written instrument (eg, a deed) that is temporarily deposited with a neutral third party |
ESOP | employee stock ownership plan - methods for employees to own corporate stock |
Establishment Clause | First Amendment language prohibiting religious legislation |
Estate | the nature/extent of a personβs interest-in/ownership-of land |
Estate of Inheritance | a species of land-ownership that can descend to heirs |
Estoppel | stopping/preventing |
Estovers | the right of the tenant to use timber on the leased premises |
Et Al. | and others (often used to indicate co-defendants/co-plaintiffs) |
Et Seq. | so-on & so-forth (often used when citing a statute) |
Et Ux | and the wife (latin) |
Eurodollar | a US-based currency that was issued out aftre WWII |
Evasion of Tax | various fraudulent methods by which a taxpayer may pay less than his/her proper tax liability |
Eviction | to legally/permanently remove a tenant from a property |
Evidence | information pertinent to a case |
Ex Officio | automatic appointment to a committee/board due to the person's public office |
Ex Parte | one-sided communication with the Court/Judge |
Ex. Rel. | lawsuit initiated by a private individual, but between the government and another individual |
Exception | legal objection to a ruling |
Exchange | trade; a marketplace for trade |
Excise Tax | any kind of tax that is not applied to property/rent/income |
Exculpatory Clause | a provision in a legal document that precludes legal liability for self-committed acts |
Excusable Neglect | a forgivable mishap/shortcoming (see equitable; or tolling) |
Ex-Dividend | without a right to a declared dividend |
Execution | the process of carrying into effect a courtβs judgment/decree/order |
Executive Branch | the branch of government that executes/enforces the law |
Executor | a person who has been appointed to carry out the provisions of a will |
Executory | yet-to-be accomplished |
Exemption | a deduction allowed to a taxpayer because of his/her status/circumstances |
Exhibits | information submitted as evidence |
Exigent Circumstances | severe calamity that makes standard procedures more malleable |
Expectancy | future interest of possession/enjoyment) |
Expense | any business cost incurred via operations/maintenance |
Expert Witness | someone who testifies about a matter he/she has skill/knowledge of |
Express | formally disclosed in written/oral format |
Expressio Unius Est Exclusio Alterius | Lat.: if it's not expressly written in the statute then it was meant to be excluded |
Expropriation | the taking of private property for public purpose |
Ex-Rights | condition in which sold stock cannot be subsequently purchased again |
Extension | increase in the time given to complete a task (ie, pushing a deadline back) |
Extrajudicial | non-judicial (ie, beyond a court's jurisdiction) |
Extrinsic Fraud | fake junk that will infringe upon due process rights to a fair trial |
Term | Short Definition |
---|---|
Face Value | the value that has been emblazoned on the financial instrument |
Fact Finder | the person who makes determinations of fact |
Factum | a fact |
Failure of Issue | the state in which a person has not had any children (in the context of inheritance) |
Fair Market Value | the price of an item β as determined by the market |
Fair Trade Laws | state statutes that permit a manufacturer to establish minimum resale prices |
Fair Use | provisions that allow people to copy/distribute copyrights under certain conditions |
Fannie Mae | Federal National Mortgage Association β promotes the secondary mortgage market |
FCIC | federal crop insurance corporation - to protect the economy from fluctuations in crop yields/etc |
FDIC | federal deposit insurance corporation - to protect people from bank failures |
Fed. Quest. Jurisdiction | whether the legal controversy is based on a federal law |
Fed. Tort. Claims Act | a legislated waiver of sovereign immunity (see 28 USC Β§1346) |
Federal Court | the court system that handles federal matters of law |
Federal Reserve System | a central bank with twelve member banks β creating the money supply |
Federalism | tiered government; with lower tiers being more protective (cf. Supremacy Clause) |
Fee | an estate |
Fee Simple | a freehold estate of virtually infinite duration |
Fee Tail | the estate created by a conveyance to a person |
Fellow Servants | co-workers |
Fence | thin walls that denote an enclosure |
Feoffment | this is the method of conveying title to freehold estates |
Fertile Octogenarian | legal fiction that says every living person can produce a child |
FICA | federal insurance contribution act - a tax levied on income |
Fictitious Person | a supposed β yet nonexistent β individual that gets referenced in a legal document/proceeding |
Fiduciary | a person who is entrusted with not taking advantage of investors |
FIFO | accounting method β First-in First-Out |
Filing | submitting documents to the court |
FILO | accounting method β First-in Last-Out |
Finance Charge | any charge for an extension of credit |
Financial Intermediary | an organization that brings lenders and borrowers together |
Financial Statement | a document that gives operating results for a specific period |
Finder's Fee | a fee/commission paid for finding what a client/customer wants |
Finding | a determination (usually part of a jury verdict) |
Fine | money taken from a party β due to that party's transgression |
Firm Offer | a proposal that states that it is to be irrevocable for a set time |
First Impression | a case/controversy that no court has encountered until now |
Fisc | fiscal |
Fiscal | a consistent, self-defined 12-month period (used by legal entities for accounting) |
Fixed Capital | the amount of capital that is permanently invested in a corporation |
Fixed Income | income that does not change |
Fixed Salary | a salary that is set at a dollar amount and does not increase/decrease |
Float | sending deposits/loans from one bank to another |
Floating Debt | any short-term financial obligation |
Forbearance | postponing a debt payment |
Forced Heir | persons who cannot be disinherited |
Foreclosure | defaulting on mortgage payments |
Foreseeability | a concept to limit a partyβs liability for the consequences of his/her acts |
Forfeiture | permanent loss [of property] for failure to comply with the law |
Forgery | fraudulent written submissions β with the intent to prejudice the rights of another |
Forma Pauperis | poor person status; access to Court without prepayment of costs/fees |
Forum | the area for which conduct occurs |
Forum Non Conveniens | a court that is not convenient for the witnesses and/or parties |
Forward Contract | an agreement in which a buyer promises to purchase a specific item in the future |
Foundation | an organization that has been formed for the greater good |
Founder | a person who forms an organization |
Franchise | the right to market another personβs product within a certain area |
Fraud | fake/underhanded junk that is harmful |
Free Exercise Clause | First Amendment language prohibiting government infringment on the right to worship |
Free Look Provision | insurance provision that allows the insured to cancel his/her policy for a full refund |
Freehold | an estate/interest in real property |
Frivolous | a weak claim that cannot be litigated |
Front-End Load Plan | a contractual agreement to buy instruments through periodic payments |
FTC | federal trade commission β agency protecting consumers |
Full Faith and Credit | federal courts must honor legitimate state court judgments (see 28 USC Β§1738) |
Fund | an amount of money that may be available |
Fundamental Right | core tenet needed to secure liberty & justice |
Fungible | easily-transferable monies |
Futures | investments that will be executed in the future β and at a specified price |
Term | Short Definition |
---|---|
Gainful Employment | employment suited to the ability of the person who is employed |
Garnish | to attach wages/property to repay a debt |
Garnishee | the person who retains someone else's money in order to pay a different person/entity |
Garnishment | the process in which money/goods are attached by a different person |
Gavelkind | a form of feudal land ownership that required land to descend to all sons equally |
GDP | gross domestic product β aggregate amount of goods/services that a nation produces [in-house] |
Generation Skipping Transfer | a conveyance that skips a familial generation |
Gift | a voluntary transfer of property that is made without consideration |
Gift Causa Mortis | a gift that is made in contemplation of an impending death |
Gift Over | an estate that is set to succeed the expiration of a preceding estate |
Gift Tax | a federal tax that is imposed on gifted transfers |
Ginnie Mae | Government National Mortgage Association β promotes the secondary mortgage market |
GNP | gross national product β aggregate amount of goods/services that a nation produces |
Going Concern Value | an additional business value that attaches to property β due to the ongoing business thereon |
Good Cause | rational |
Good Faith | virtuous, pure, (devoid of frivolity) |
Good Tenantable Repair | the obligation of a tenant to maintain the condition of rented property |
Good Title | unfettered ownership that is also free of any defects/litigation/etc |
Good Will | an intangible business asset that is the result of certain features of an ongoing enterprise |
Goods | any species of property that is not real estate |
Grace Period | a span of time in which an insurance policy will remain active despite a late [premium] payment |
Graft | fraudulent receipt of public money via the corruption of public officials |
GrandFather Clause | provision that allows a prior custom to continue β despite it no longer being legal |
Grant | approve/allow (typically - in this civil rights context - an Order Granting a Motion) |
Gratis | free |
Gratuity | a tip |
Gravamen | the main point |
Gross | total (before deductions/taxes/etc.) |
Ground Rent | an estate of inheritance in the rent of lands |
Growth Stock | successful corporate stock |
Guarantee | approve/allow (typically - in this civil rights context - an Order Granting a Motion) |
Guaranteed Security | an investment security that is guaranteed β by someone other than the issuer |
Guaranty | a promise to be responsible for a debt/default/etc |
Guardian | someone who legally has care & management of an incompetent person |
Guardianship | legal responsibility to care/protect someone who is unable to manage his/her own affairs |
Term | Short Definition |
---|---|
Habendum | a clause in a deed that sets the parameters |
Habitability | capable of reasonable living |
Harassment | abusive/belittling/coercive/demeaning behavior aimed at impeding another person's livelihood/progress (also see Hostile Workplace) |
Harm | injury/loss that must be remedied |
Harmless Error | an error that [probably] didn't impact the outcome of the case |
Head of Household | a taxpayer who has dependents, but no spouse |
Hearing | a less formal trial |
Hearsay | third-party utterances; admissible in DOAH but not in Court |
Hedge Fund | a financial venture that manages its investment risks |
Hedging | the act of minimizing your exposure to harmful investment outcomes |
Heir Apparent | a person who has the rights to inheritance |
Heirs | people who will receive the inheritance |
Hereditaments | anything that can be inherited |
Hereditary Succession | the passing of title β according to the laws of descent |
Hidden Asset | a valuable item that is absent from a financial statement |
Hidden Inflation | a price increase that is implemented by offering an impaired quality/quantity |
Hidden Tax | a tax that is implicitly imposed/transferred |
HIPAA | the federal law that protects medical information from disclosure |
Hoarding | amassing exhorbitantly large quantities of something |
Hobby Loss | a taxable deduction for losses sustained from doing a hobby |
Holder | a person who possesses the title/instrument/goods |
Holder in Due Course | a good faith possessor who has taken a negotiable instrument for value |
Holding | binding, authoritative part of a decision/opinion |
Holding Company | a parent organization that primarily focuses on the finances of its subsidiaries |
Holding Period | the timeframe for which property must before that property produces realized gains |
Holographic Will | a will & testament that has been entirely written by the testator |
Homage | bend your knee to the king/landlord |
Homestead | residence (including the surrounding lands) |
Hostile Workplace | an employment setting that is riddled with demographics-based harassment/humiliation/intimidation/etc. |
Term | Short Definition |
---|---|
Id | a continuation of the cited text (abbreviation for latin word "idem") |
Illusory Promise | a promise that is too indefinite to be enforced |
Immaterial | irrelevant |
Immoral Conduct | behavior that is at-war with norms |
Immunity | a preclusion on liability |
Implied | inferred from facts/circumstances (compare express) |
Implied Consent | assent/agreement to continue β as inferred by circumstances |
Impost | a tax |
Impute | vicarious assignment (compare vicarious liability) |
In Escrow | held by someone β who is not a party to a transaction β for future delivery to a party |
In Fee | absolute ownership of an estate in land |
In Haec Verba | in these verbs (construction) |
In Kind | of the same type/quality |
In Limine | at the threshold/beginning (see motion in limine) |
In Pari Materia | similar stuff should be read together (latin for "on like subject matter") |
In Perpetuity | forever |
In Re | a legal action with only one party (latin for "in the matter of") |
In Terrorem | coercive contract provisions |
Incapacity | the lack of legal/physical/intellectual power |
Income | earnings; revenue |
Income Averaging | a method of calculating tax liability to minimize adverse consequences to a taxpayer with substantial fluctuations in income |
Income Splitting | a tax method that allow a married couple to file jointly while splitting total earnings in half |
Income Statement | a financial document that gives operating results |
Income Tax Return | the filing of taxes with federal/state/local governments |
Incroach | to use unlawfully |
Indebitatus Assumpsit | to be indebted to |
Indefeasible | unconquerable; undefeated |
Indemnify | to insure |
Indemnity | an insurance agreement |
Indenture | a deed conveying real estate by which both parties assume obligations |
Index Fund | a portfolio of stocks that have been selected to mimic a stock market index |
Indicia | signs |
Indigent | poor person status; access to Court without prepayment of costs/fees |
Indorsee | a person to whom a negotiable instrument has been assigned |
Indorsement | the signature on the back of an instrument |
Indorser | the person who indorses the negotiable instrument |
Inference | a preliminary conclusion based on facts/allegations (also see presumption) |
Inferior Court | the court whose decisions can be reviewed by an appellate court |
Infeudation | the act of granting a freehold estate |
Informed Consent | educated assent/agreement to continue |
Infra | latin word for below; (antonym to supra) |
Infringement | breach; obstruction; impairment; hampering (typically used when referring to violations of fundamental rights) |
Inherent Power | obvious authority that a government body has |
Inherit | to receive from a predecessor |
Inheritance | the considerations that have been doled out by a will & testament |
Initiative | regular people pushing/creating a new law (compare with referendum) |
Injunction | preventative remedy |
Injury | harm/loss that must be remedied |
Insider | someone who is privy to market-moving information |
Insider Trading | investing in securities while having unfairly obtained knowledge (eg, point-shaving) |
Insolvency | bankruptcy of an insurer/corporation |
Installment | periodic debt payments |
Installment Contract | an agreement to satisfy debts through multiple small payments |
Instrument | a written contract |
Insurable Interest | condition that ensures that the insured has a moral justification for the policy |
Insurance | financial protections against undesirable events (eg, death; etc.) |
Insured | the person/thing whose acts/calamities are being insured |
Intangible Asset | a valuable item that cannot be directly calculated (eg, brand name) |
Intangible Property | possessions that only represent real value |
Inter Alia | among other things (latin) |
Inter Se | between themselves (eg, trustees provisioning trustees) |
Inter Vivos | between the living (ie, contracts that were made while people were still alive) |
Interest | consideration for the use of [someone else's] money |
Interim Financing | debt that is incurred on a short-term basis |
Interlocking Directorate | multiple boards of directors [of corporations] that have common members |
Interlocutory | non-final |
Internal Revenue Code | large body of federal statutes that govern taxes |
Internal Revenue Service | government agency that collects taxes |
International Agreements | treaties |
Interrogatory | discovery tool that asks an entity questions under oath (usually in writing) |
Interstate Commerce | business activity among inhabitants of different states |
Intervention | allowing an affected person/organization to enter a lawsuit |
Intestate | dying without a will |
In-the-Money | phase in a stock option's life in which it is profitable |
Intrinsic Fraud | fake/underhanded junk that was used in an important ruling |
Inventory | compendium of stored/owned goods |
Invest | sending money for the purpose of receiving more money in return |
Investiture | a ceremony demonstrating the transfer of possession of land |
Investment | an outlay of money with the expectation of a larger return of money |
Investment Banker | stockbrokers; bond sellers; |
Investment Company | organizations that focus on trading various securities |
Investor | a person who supplies capital to others |
Invidious | nasty/vile strain of discrimination |
Ipso Facto | facially factual (latin) |
IRA | individual retirement account β financial tool for securing retirement |
Irreparable Harm | imminent injury that cannot be remedied with money (eg, wife will kill me) |
Issue | a disputed point/fact |
Issue | a disputed point/fact |
Term | Short Definition |
---|---|
Jobber | the middleman in a buy-&-sell arrangement |
Joinder | uniting several causes of action or parties |
Joint Account | bank account controlled by multiple people/entities |
Joint Lives | actuarial event that is contingent on the death of the last survivor |
Joint Venture | business proposition launched by multiple people/entities |
Jointure | a middleman (in the sale of goods); |
Judgment | final decision on the facts and law of a case |
Judgment Creditor | the [financial] party whom the court renders judgment in favor of |
Judgment Debtor | the [financial] party whom the court renders judgment against |
Judicial | pertaining to the application of law |
Judicial Economy | conservation of judicial resources/effort |
Judicial Estoppel | prevention of self-induced contradictions |
Judicial Immunity | protection against liability for discretionary/jurisdictional acts performed on duty |
Judicial Notice | the court's recognition of indisputable fact derived from irrefutable sources |
Judicial Review | appellate proceeding |
Jurisdiction | power to adjudicate |
Jurisdictional Amount | the monetary threshold to invoke jurisdiction |
Jurisprudence | the science of law |
Juror | a member of the jury (ie, a person (alongside his/her peers) who determines the verdict) |
Jus Tertii | the legal right of a third-party |
Just Compensation | fair consideration for eminent domain |
Justiciable | an issue that a court can remedy, because it meets certain criteria |
Term | Short Definition |
---|---|
Kangaroo Court | a tribunal that is biased and flimsy with the law |
Keogh Plan | retirement plan for self-employed person |
Kickback | underhanded consideration in exchange for favors (eg, a bequest) |
Term | Short Definition |
---|---|
Labor Union | a group formed for the betterment of a employment corps |
Laches | a defense against stale claims (see tolling and statutes of limitation) |
Land | any tract that can be conveyed by deed |
Land Trust | a device that vests title to real property (in the name of a trustee) |
Landlord | the person who controls a tenant's residence |
Lapse | to expire without benefit |
Latent Defect | an infirmity that can only be found after ordinary usage |
Lateral Support | objects on a neighbor's property that support the structure of owned property |
Law of the Case | the doctrine which holds that previously decided issues cannot be reopened |
Lay Witness | someone who testifies about stuff he/she has observed |
Lease | to rent |
Leasehold | the estate [in real property] of a lessee β created by a lease; |
Leave | permission |
Legacy | a disposition β by will β of personal property |
Legal Age | the age in which the authorities recognize for legal rights/privileges |
Legal Fiction | a material falsehood (see fraud upon the court) |
Legal Tender | the type of consideration that the authorities deem as legitimate currency (eg, a US Dollar) |
Legatee | recipient of personal property β by virtue of a will |
Legislation | pertaining to the creation of law |
Lend | the give someone for a period of time; while expecting a return |
Lessee | the tenant of a landlord |
Lessor | a person who grants a lease to another person/entity |
Let | to rent out |
Letter of Credit | a promise by a bank/issuer that it will honor β on behalf a customer β demands for payment |
Letter Stock | stocks that are sold via nonpublic transfers |
Leverage | to increase your debt in order to improve your return on equity |
Levy | to assess |
Liability | money/considerations that you must pay out (or that are at risk) |
License | legal permission to engage in some activity |
License Tax | a fee/tax that is charged for engaging in some regulated activity |
Licensee | the person who earns/receives a license |
Licensor | a person/entity that grants a license. |
Lien | a claim on another person's property to use as security for that person's indebtedness |
Life Estate | an estate with a limited duration (which is limited by someone's life/death) |
Life Insurance | a financial product that pays a benefit to a beneficiary when the insured person dies |
Life Insurer | an insurance company that sells life insurance (and/or annuities) |
LIFO | last-in first-out (a common accounting method) |
LILO | last-in lat-out (a rare accounting method) |
Limitation | a restriction/restraint |
Lineage | direct blood relatives (eg, grandparent, parent, child, grandchild, etc.) |
Lineal | pertaining to a direct bloodline |
Liquidate | to sell [assets] in order to satisfy a liability |
Liquidated Amount | the amount that an asset can be [prematurely] sold for |
Liquidated Damages | damages that can be determined with certainty (synonym for sum certain) |
Liquidity | the ease in which an asset can be sold for cash |
Listed Stock | financial securities that are sold on a credited stock exchange |
Listing | the practice of placing securities/instruments/properties on a market |
Litigation | the practice of suing |
Livery of Seisin | an ancient ceremony signifying an alienation of land by feoffment |
Loan | money that is borrowed |
Loansharking | predatoring money lending |
Loss | a state of affairs that includes damage/death/injury/etc. |
Lost Property | property that is involuntarily lost β through neglect/etc |
Lottery | a regulated gamble that pays a large benefit to people who purchase tickets |
Lower of Cost or Market | taking the minimum between the purchase price and the current market price |
Lump-Sum Payment | a large financial consideration |
Term | Short Definition |
---|---|
Magistrate | a judge who supports another judge during the proceeding |
Magnuson-Moss Warranty Act | federal law requiring warranties to be written in plainspeak |
Mail Box Rule | a rule establishing that a [responsive] acceptance [to an offer] is valid |
Maker | the person/entity who executes a note |
Malfeasance | misconduct that breaches the public trust |
Malice | harmful/tortious intent |
Malpractice | misconduct/errors/omissions that harmfully belie one's fiduciary duties |
Mandamus | writ directing a public official to complete his/her ministerial duty |
Mandate | a command |
Manifest Injustice | plain error that infringes someone's rights and impairs a fair proceeding |
Manor | a large estate (often associated with feudal systems) |
Margin | the difference between the revenue received and the expense paid |
Margin Account | a ledger signifying the amount of money a stockbroker has lent to an investor. |
Margin Call | a stockbroker's request that an investor add funds to the investor's margin account |
Marital Deduction | a tax reduction for widows/widowers |
Marital Estate | property that a husband & wife acquire throughout their marriage |
Market Price | the price of an item β as determined by the market |
Market Value | the value of an item β as determined by the market |
Marketable Title | a title that a reasonably well-informed purchaser would be willing to accept |
Mark-to-Market | an accounting method that sets the values of assets/liability to their current market price |
Marshal | public officer who performs federal court duties (similar to a state Sheriff) |
Massachusetts Trust | a business trust that confers limited liability on the holders of trust certificates |
Master-and-Servant | the relationship type between an employer and an employee (compare with agent) |
Material | necessary, meaningful, pertinent to the adjudication of a matter |
Mediation | a method of alternative dispute resolution which does not result in a decision |
Member Bank | a bank that is part of the Federal Reserve System |
Member Corporation | a corporation that has at least one director who is a member of the NYSE |
Member Firm | a firm that has at least one partner who is a member of the NYSE |
Memorandum | less formal brief |
Merchant | a knowledgeable seller-of-goods |
Merchantable | reasonably fit for commerce |
Merger | one corporation ceases to exist by becoming part of another [ongoing] corporation |
Merit | the facts & elements for a cause |
Mesne | middle; as in mesne process (see Rule 1.160 Fla. R. Civ. P.) |
Military Will | an orated will & testament (which receives less stringent regulations) |
Ministerial Act | mandatory act that a public official must complete |
Minutes | a written/recorded summary of a meeting (see 28-102.002 FAC) |
Misapplication of Property | the conscious illegal use of funds/property for a wrongful purpose |
Miscarriage of Justice | a court's error that impugns a fair proceeding |
Misconduct | corrupt behavior by a public officer |
Mistrial | crucial error that requires a new trial |
Money Demand | any demand/action arising out of contract/tort/statute |
Money Had and Received | phrase used in civil suits regarding lending |
Money Judgment | a legal judgment that orders one party to pay another party |
Money Order | a credit instrument that calls for the payment of money to a named payee |
Money Supply | the way the Federal Reserve System creates/circulates money |
Monopoly | a dominant position in a market/industry |
Moot | an issue/claim that is no longer active |
Mortgage | Legal/financial agreement stating that βyou can have my house if I donβt pay you backβ |
Mortgagee | the party that lends money to the mortgagor |
Mortgagor | the party that borrows money from a bank |
Mortmain | dead hand |
Motion | request to the court |
Motion in Limine | request to exclude prejudicial evidence |
Movant | the person who filed the motion (ie, the person asking the court for relief) |
Municipal Bond | a bond/loan that is issued by a government body (eg, a state; a county; etc.) |
Municipal Corporation | incorporated cities/towns/villages that have subordinate/local powers of legislation |
Mutual Fund | a firm/investment that pools money for the purpose of buying certain stocks/bonds |
Mutual Fund Share | an investment into a mutual fund firm [itself] β as opposed to the fund's investments |
Term | Short Definition |
---|---|
Named Insured | the person whom the insurance covers |
NASD | national association of securities dealers |
NASDAQ | national association of securities dealers automated quotation service |
Natural Person | a biological human being (as opposed to a corporation/fictitious-person/etc.) |
NE Exeat | do not leave (latin) |
Necessary & Proper Clause | constitutional provision empowering Congress to make laws |
Negative Pregnant | slick talk that doesn't address the overarching fact |
Negotiable Instrument | a promise-to-pay that is in writing |
Negotiation | an alternative dispute resolution whereby parties settle their differences without any outside intervention |
Net Asset Value | assets minus liabilities/expenses/etc. |
Net Estate | the value of a property after subtracting its debts/expenses/etc from its asset value |
Net Income | revenue minus expense/deductions/taxes/etc. |
Net Operating Loss | allowable deductions minus gross income |
Net Worth | assets minus liabilities/expenses/etc. |
NLRB | national labor relations board (an organization that helps comply with OSHA/etc.) |
No Fault | p&c insurance provision that pays benefits regardless of who caused the accident |
Nonassessable Stock | stock that was purchased at full par value |
Nondiscretionary Trust | a trust that restricts its investments to a set of predefined securities |
Nonfeasance | refusal/neglect to do what you've contracted to do |
Nonmember Bank | a bank that is not part of the Federal Reserve System |
Nonpar Stock | a stock that doesn't have its price tag disclosed |
NonQualified Pension | retirement plan that struggles with tax deductibility |
NonRecourse | without personal/taxable liability |
Nonstock Corporation | a corporation that is formed on a charter instead of via the issuance of shares |
No-Par Stock | stock that has been issued without a price label |
Notary Public | a person who verifies a person's oath/attestation |
Note | a promise-to-pay that is in detailed writing |
Notice | legal affirmation of knowledge of an important legal matter |
Notice to Quit | a formal notification terminating a tenancy |
Notorious Possession | obvious indications as to title |
Novation | substitution of a party β for one of the original parties β to a contract |
NOW Account | savings accounts that permit withdrawals |
NSF Check | a bounced check |
Nudum Pactum | a promise that is devoid of any obligation on one side |
Nugatory | null; void |
Nuisance | an annoyance that has legal remedies |
Nunc Pro Tunc | "now for then" (revising history in order to satisfy a prior decision) |
Nuncupative Will | oral declarations of a terminally ill person |
NYSE | new york stock exchange (the largest securities exchange in the world) |
Term | Short Definition |
---|---|
Oath | a sworn statement taken under the penalty of perjury |
Obiter Dicta | additional, non-binding statements made in a court opinion |
Objection | the primary form of legal opposition |
Obligation of a Contract | structural pillars of a contract (not the actual terms & conditions) |
Obligee | a person who is entitled to receive money/service |
Obligor | a person who is obligated to pay another person [money/etc.] |
Obsolescence | uselessness (due to technological/etc advances) |
Obstruction | interference of a legal action (see perjury; spoilation of evidence) |
Obvious Risk | a peril that is so apparent that it almost renders an implied consent upon participants |
Occupancy | the act of existing within a property |
Occupant | a person/entity who has the actual use/possession of property |
Occupational Disease | a health condition that is associated with a job/task |
Occupational Hazard | a danger that is associated with a job/task |
Odd lot | a small investment portfolio (eg, fewer than 100 stocks) |
Offer | a displayed willingness to enter into a bargain |
Officer | a person who has authority in a public domain |
Officious Intermeddler | a phony who's purporting to do-good for others yet on the condition of personal gain |
Oligopoly | a small group of companies/entities that dominate a market/industry |
Omission | to fail to do something (for which you have a duty to complete) |
Omnibus Clause | an insurance provision that provides coverage for multiple people |
On-Margin | buying securities while borrowing funds |
Opinion | the Court's explanation of its final decision |
Option | an add-on that grants a conditional right/privilege to a party |
Option Contract | a promise in which the owner of an item grants another person the privilege to buy/sell the item in the future |
Option Writer | the person/entity that sells the stock option |
Oral Argument | vocalized legal presentation |
Order | a court ruling |
Order Paper | an negotiable instrument that is payable to a specified person (instead of to cash/bearer/etc.) |
Ordinary Course of Business | typical/reasonable business activities |
Ordinary Income | taxable income from the ordinary course of business/work |
Original Issue | the initial stock price |
Original Jurisdiction | authority to consider and decide a case in the first instance |
OSHA | occupational safety and health act |
OTCMarket | a place where people buy & sell unlisted securities |
Ouster | the wrongful dispossession/exclusion of a person |
Out-of-Pocket Expenses | costs for necessary items that are directly paid (and recoverable) |
Out-of-the-Money | phase in a stock option's life in which it is not profitable |
Overreaching | taking an unfair advantage (via deceit/fraud/etc.) |
Overrule | to deny an objection; to void a previous judgment |
Term | Short Definition |
---|---|
Pactum | a pact; a contract |
Paid-in-Surplus | overpaying for a stock |
Painting the Tape | pretending that your stock is actively trading |
Palimony | an alimony paid to a business partner |
Panel | a group conferring on a decision (eg, panel of commissioners, jury panel, etc.) |
Paper Profit | book profits that have not yet been realized/liquidated |
Par | the face value (ie, the price tag label placed on securities) |
Paramount Title | superior ownership rights |
Parceners | someone who has inherited an estate |
Parens Patriae | a nation's supreme guardians (of disabled persons) |
Partition | legal separation of a land's joint ownership |
Partnership | a group of business associates who assume personal liability on the venture |
Party | individuals/organizations directly involved in a legal dispute |
Party Wall | a physical structure that abuts/separates two properties |
Patent | evident; obvious |
Patent Defect | an infirmity that can be found with reasonable diligence |
Pauper | a poor person (see indigent) |
Pawn | to sell something in order to satisfy a debt |
Payee | the person who receives payment |
Payment | an amount that is remitted [to satisfy a debt] |
Payoff | the strike price minus the spot/stock price; denoting a difference between payoff and profit |
Payor | the person who gives payment |
Peculation | defraud people for money |
Pecuniary | tangible (refers to losses/damages) |
Penalty Clause | provision for an outlay to combat defaults |
Pendent Jurisdiction | federal court's authority to adjudicate state law claims on a federal case |
Per Autre Vie | conditioned on the survivorship of another person |
Per Capita | proportioned to each individual |
Per Curiam | by the court (typically connotes an automatic appellate decision) (see IOP 5.4 (1DCA)) |
Per Diem | per day (usually for calculating witness expenses, etc.) |
Per my et Per Tout | by half and by whole (French) β joint tenancy stuff |
Per Stirpes | proportionate descending shares [of an inheritance] |
Per Tout et non Per My | by the whole and not by the half (French) β joint tenancy stuff |
Peremptory | absolute |
Perfected | finalized |
Performance Bond | a loan that guards against a breach of contract |
Peril | risk |
Perjury | lying under oath |
Perpetuity | an annuity that lasts forever |
Personal Effects | items of intimate/sentimental value (eg, jewelry; etc.) |
Personal Holding Company | a small company that rich people used to evade taxes |
Personal Property | movable items that are attached to property (eg, microwaves; etc.) |
Petition | a civil complaint/request |
Petitioner | synonymous with appellant, but signifies a different kind of action |
Piercing the Corporate Veil | prosecuting individuals after stripping their fake corporation of its limited liability |
Plain Error | an easy-to-see error that impairs a fair trial |
Plaintiff in Error | appellant (old-fashioned word) |
Plat | local map showing real estate among landmarks (eg, mountains; roads; etc.) |
Pleadings | briefs/documents/motions that form the pillars of a legal dispute |
Pledge | payment (either of money or of goods) |
Plenary | full; undisturbed; unqualified (ie, fully briefed) |
Poll Tax | a flat tax that is imposed on everyone within a specified territory |
Polygamy | having multiple wives/husbands at the same time |
Ponzi Scheme | a fraudulent investment scam that uses money from new investors to reward old investors |
Portfolio | a group of owned securities (eg, bonds, stocks, etc.) |
Possession | dominion over a thing/property |
Possessory Action | a lawsuit to obtain/maintain real property |
Possessory Interest | the right to have dominion over certain land |
Post Mortem | an autopsy |
Posting | the bank's process of honoring a customer's payment |
Postnuptial Agreement | contract between a married couple β that establishes how things will be split upon death/divorce |
Pourover | a clause in a will that assigns assets to an established trust |
Power Coupled with an Interest | authority over something that you care about |
Power of Appointment | authority over someone else's affairs (connoting wills; trusts; etc.) |
Power of Attorney | authority over someone else's affairs |
Praecipe | to command (see writ of garnishment; etc.) |
Precatory | advisory language that does not command/obligate action |
Precedent | previously decided case that acts as authority for disposing of future cases |
Preceding Estate | a prior estate that has limited future interest |
Preference | sequence of an insolvent company's activity that allows it to prioritize creditors |
Preferred Stock | small ownership in a corporation; yet it has priorities over common stock |
Prejudice | bias |
Premises | the land and the surrounding structures |
Premium | money paid to keep insurance in force |
Prenuptial Agreement | contract between fiancees β that establishes how things will be split upon death/divorce |
Prep. of Evidence | the standard for adjudication that is loosely based on a 50-50 proposition |
Presumption | a preliminary conclusion based on facts/allegations (also see inference) |
Pretrial Conference | a formal meeting to discuss the case |
Prevailing Party | the litigant who won the lawsuit |
Prima Facie | at face value; indicating a party's claims merit consideration |
Primogeniture | the oldest son gets the entire inheritance |
Principal | the person who acts as the company (also see agent) |
Principal | the person who acts as the company (also see agent) |
Prior Lien | a debt that has priority over other debts |
Priority | preference β in the context of corporate dissolution |
Private Offering | selling corporate securities to a select group of accredited investors |
Private Ruling | declaratory statement issued to an individual taxpayer (regarding a potential transaction) |
Privilege | a legal sanctuary that prevents disclosure of sacred information |
Privileged Communications | the communications that are most commonly protected by legal forums |
Privity | relationships that arise out of mutual interests |
Privy | surrogate; proxy; (useful term in evaluating res judicata) |
Pro Bono | free legal representation |
Pro Forma | a template projection |
Pro Hac Vice | temporary (ex: out-of-state attorneys appearing pro hac vice for one case) |
Pro Per | one's own self |
Pro Rata | proportional |
Pro Se | self-represented litigant |
Probate | proving that a will & testament is legit |
Proceeding | the succession of events in a legal action |
Process Service | delivery of writs and orders to notify an entity of legal matters |
Proctor | someone who manages another person's affairs |
Professional Corporation | a non-government body of similarly-qualified professionals |
Profit | revenue minus expense/deductions/taxes/etc. |
Profit a Prendre | the right to take something from someone else (French). |
Projection | a prospective, financial calculation that uses various contingencies/decrements |
Prolixity | extraneous information in a pleading (see Rule 8 Fed. R. Civ. P.) |
Promise | a declaration to do something (or refrain from doing something) |
Promissory Note | a promise to pay at a specified time |
Promoter | a founder who does what's needed to make a business profitable |
Property | anything valuable that is subject to ownership |
Proprietary | owned by a particular person (who has not-yet patented the item) |
Proprietary Interest | the right to possess something |
Proprietor | the owner/founder |
Prosecution | the act of suing someone/something |
Prospective | pertaining to the future |
Prospectus | a corporation's charter document for would-be investors |
Protective Order | a request that a party/non-party be shielded from discovery |
Protest | notifying a payor that he/she has failed to satisfy payment |
Proviso | a section of a document dedicated to exceptions/conditions/restraints/clarifications [of the underlying document] |
Proxy | an agent; a representative; a generic form of a power of attorney; |
Prudent-Man Rule | a doctrine compelling fiduciaries to adopt a risk-averse mindset |
Public Domain | property (eg, land/water/writings) that belongs to the government β and thus, is not susceptible to copyright infringements |
Public Easement | physical structures/pathways that make life easy for the general public (eg, highways; sidewalks; etc.) |
Public Official | an elected/appointed person holding a public office |
Public Property | lands/structures that are dedicated to the public's use |
Public Purpose | to benefit the citizens of a society |
Public Trust | the government's ownership of lands/waters that the citizenry ought to use/benefit-from |
Public Use | the right of the citizens to use/benefit-from property that the government has condemned |
Public Utility | a monopolistic company that provides crucial goods/services to the public |
Puffing | extravagant salesmanship |
Purchaser | someone who buys something |
Put Option | a derivative that allows a future stock sale at a specified price |
Pyramiding | using unrealized profits to purchase additional investments |
Term | Short Definition |
---|---|
Qualified Pension | retirement plan that involves a trust (in order to satisfy tax deductibility) |
Quash | the annullment of a discovery request |
Quasi | Lat.: sort of; somewhat; almost (eg, quasi-judicial proceedings mimic judicial proceedings) |
Questions of Law | legal contentions that do not require a findings of fact (see Standard of Review) |
Qui Tam | taking legal action on behalf of - and alongside (sometimes) - the government |
Quia Emptores | english law that abolished private infeudation; thereby permitting voluntary transfers |
Quid Pro Quo | transactional/harassing terms & conditions (I scratch your back, you scratch mine) |
Quiet Enjoyment | the right to have unimpaired use/enjoyment of property |
Quiet Title | a mild lawsuit to determine/confirm the title of a specific piece of property |
Quitclaim Deed | you can have whatever belongs to me [inside that property] β if anything |
Quo Warranto | an extraordinary writ that asks 'with what authority?' |
Quorum | a panel of decision-makers |
Quotation | statement of an item's price |
Term | Short Definition |
---|---|
Race | ancestry |
Racketeering | organized crime |
Raised Check | check that has been improperly altered |
Ransom | money paid to rescue a captured person/thing |
Ratable | permissibly quantified with a figure |
Rate | a multiplier used for various purposes |
Rate of Return | a multiplier used to earn investment income |
Ratification | confirmation/establishment (typically of a new legal doctrine/act/law) |
Rational Basis | reasonable grounds for a government rule (compare with strict scrutiny) |
Real Estate | all possible interests in land |
Real Property | land (and the structures upon it) |
Realization | converting an asset into money |
Realty | real property |
Rebuttal Evidence | information that contradicts an opponent's claim |
Recall | removal [of a public official] from public office (compare with disqualification; recusal; etc.) |
Recapitalization | changing a corporation's capital structure |
Recapture | a remedy for wrongful tax savings |
Receiver | an entity that oversees the finalization of an insolvency |
Receivership | a stage of insolvency in which the authorities direct someone to dissolve a corporations assets/etc. |
Recognition | imposing an income tax |
Record | the docket and all material submitted to the tribunal/court |
Record Date | cutoff date for receiving stock privileges/dividends |
Record Owner | the property owner β according to public records |
Recording Acts | a ledger showing property ownership |
Recourse | legal vehicle for recovering unpaid debts |
Recusal | the removal of a judge from a case |
Red Herring | a distraction (one with grandstanding talking points); also see straw man |
Redeemable Bond | a loan that the seller/issuer can immediately request re-payment on |
Redemption | regaining possession via purchase |
Redress | remedy/relief/solution to a legal woe |
Reentry | regaining possession via a contractual arrangement |
Referendum | regular people demanding review of official legislation (compare with initiative) |
Refinancing | changing a corporation's capital structure |
Refunding | selling investments to satisfy outstanding financial obligations |
Refusal | decision to not perform an act (or neglect to do so) |
Regional Stock Exchange | a stock exchange that is based outside of NYC. |
Register | to enter the names of a corporation's stockholders/bondholders |
Registered Representative | stock market salesperson |
Registration Statement | prospectus (ie, a document extolling virtues of investing in the company) |
Registry of Deeds | list of conveyances |
Regulation A | the SEC's "small issue" exemptions |
Regulation D | the SEC's 'private offerings' exemptions |
Regulation T | the SEC's governance over credit extended to stock purchasers |
Regulation U | the SEC's governance over credit extended to bank-based stock purchasers |
Regulation Z | the FRB's supervision of member banks' compliance with cost-of-credit disclosures |
Regulations | widespread rules/codes issued/governed by administrative agencies (ie, 'regulatory bodies') |
Regulatory Agency | government organizations that police specific realms/activities of public interest |
Rehearing | to re-try the issues |
Reinstate | to place back into your original job/role (see Title VII) |
Reinvest | to take your capitalized gains to purchase additional investments |
REIT | a financial intermediary for the real estate debt market |
Relation Back | a legal operation permitting a recent event to be treated like a past event |
Relator | the private individual who initiated the ex rel proceeding |
Release | to forfeit a claim/issue (usually within the context of a settlement) |
Release | to forfeit a claim/issue (usually within the context of a settlement) |
Relevant Market | a term used in examining antitrust violations |
Relief | the solution to the immediate problem (also see remedy) |
Remainder | leftovers from a property conveyance |
Remainderman | a person who holds interest in a remainder (ie, the leftovers) |
Remand | to send back (ie, an appellate court tells a lower court to correct something) |
Remedy | the cure for the alleged wrongdoing |
Remit | to send payment |
Remitter | restoring your good title [to land] upon entering it |
Removal | transferring a case from one court to another |
Remove Cloud on Title | a mild lawsuit to determine/confirm which instruments convey a particular piece of property |
Render | issuing the final decision/verdict |
Renewal | continuation of an ongoing contract |
Rent | periodic remittance for usage |
Renvoi | using a foreigner's laws to adjudicate a lawsuit |
Reorganization | rearranging a corporation's stock portfolio |
Repeal | nullify/get-rid-of (typically within the context of a statute/law) |
Replevin | a legal action to recover personal property that has been withheld |
Replevin | a legal action to recover personal property that has been withheld |
Reply | a response to a response/answer (usually requires leave of court) |
Reports | grouped-decisions that are published for the public's consumption |
Repossession | seizure of secured goods |
Represent | stand-in for another person/entity |
Representative | someone who acts for another person in a special capacity |
Republication | reviving a will (usually with the use of a codicil) |
Repudiation | an affirmative refusal to perform an obligatory act |
Request for Admission | discovery tool that asks a party to admit information |
Request for Production | discovery tool that asks someone to give you legally-pertinent information |
Res | a thing; the topic |
Res Judicata | claim preclusion; once a cause has been litigated it can't be re-litigated |
Rescind | cancel/annul |
Rescission | cancellation |
Reservation | a large tract of land that has been devoted for a specific purpose |
Reserve | large corporate savings intended to meet business dealings |
Reserve Clause | contractual provision giving strong/exclusive right to a person's services |
Residuary Clause | contractual provision granting undisposed of legacies to a specific beneficiary |
Residuary Estate | the part of the estate that remains undisposed of |
Residuary Legacy | a category for all remaining assets |
Respondeat Superior | the parent company/agency (ie, where the buck stops) |
Respondent | the petitioner's opponent |
Restraint of Trade | illegal impediments on a free market system |
Restraint on Alienation | unlawful impediments on a the free transfer of property |
Restricted Securities | stocks that are sold via nonpublic transfers |
Restrictive Covenant | contractual prohibition against specified usage [of transferred property] |
Retail Installment Contract | retaining title/interest-in sold goods |
Retirement Plan | an investment vehicle that saves an employee's money [for a future date] |
Return | report of a taxpayer's earnings |
Revenue | income that has been derived from any source |
Revenue Bills | legislation that levies taxes |
Revenue Ruling | declaratory judgment issued to the public (regarding certain tax-based circumstances) |
Reversal | undoing a lower court's decision (eg, reversing an order of dismissal) |
Reversion | retaining interest in conveyed land |
Revest | returning to the original owner's possession |
Review | to reexamine a case/action (usually by an appellate court) |
Revocation of Will | a deliberate act to nullify parts/all of a will |
Rider | an additional feature to an insurance policy |
Right of Election | a spouse's legal right to choose how to receive her inheritance |
Right of Way | permission to proceed on a shared pathway |
Right to Convey | agreement that the grantor can convey an estate that has proper quality |
Riparian Rights | usage/ownership rights of water embanked lands |
Ripeness | maturation of facts that will permit adjudication |
Risk | exposure to loss |
Risk Capital | invested funds that are exposed to the losses that a business may suffer |
Risk of Loss | exposure to financial damage |
Round Lot Shareholders | shareholders holding portfolios with 100 shares/block |
Rule | guidance on conduct |
Rule Against Perpetuities | policy prohibiting property interests from taking more than 21 years to vest |
Run with the Land | doctrine establishing permance of a contractual provision (down to all descendants) |
Term | Short Definition |
---|---|
Sailor's Will | an orated will & testament (which receives less stringent regulations) |
Salable | legal, quality goods at proper prices |
Sale | a stamp that authenticates a legal document |
Sale and Leaseback | arranging to sell property that will immediately be leased back to you |
Sale or Exchange | value-for-value disposition of property |
Salvage | value of a distressed/rescued asset |
Sample | subset models the whole |
Sanction | punish (in other contexts: reward) |
Satisfaction | completion/perfection of an obligation |
Save Harmless | indemnify; preclude from liability |
Scienter | guilty conscience |
Scope of Employment | job-related duties |
Scutage | property tax that was used for the king's army |
Seal | a stamp that authenticates a legal document |
Sealed Instrument | a contract that features a seal next to the signature(s) |
Sealing Records | removing court records from the public's eye |
Seasonal | temporary, and based on specific times of year |
SEC | securities & exchange commission (a federal agency that regulates stocks/bonds/sellers/dealers/etc.) |
Second Mortgage | a refinancing of secured property β while not requiring additional liens |
Secondary Distribution | stock offering that succeeds the initial offering |
Secondary Party | a backup debt-satisfier |
Secured Creditor | a lender who obtained collateral |
Securities | financial instruments that are tied to a corporation's earnings |
Securities Acts | two federal laws aimed at policing stock market trading |
Security | an investment that gives capital to a money-generating entity |
Security Deposit | a down payment |
Security Interest | caring about something by proxy of an investment |
Seised | condition of legally owning realty |
Seisin | interest in a freehold estate (ie, ownership) |
Self-Dealing | insider trading |
Self-Help | solving your problems on your own (without breaching the peace) |
Sell Short | to sell a stock/asset with the hopes of buying it back β at a lower price |
Seller | a person who consummates an exhange of goods |
Separate but Equal | longheld legal tradition commanding racial segregation |
Separation Agreement | a divorce-like contract between spouses |
Separation of Powers | core constitutional mandate that each branch of government must mind its own business |
Sequestration | quarantine/separate case participants (eg, witnesses, jurors) to prevent tampering |
Seriatim | one-by-one (ie, granular records) |
Servant | the person who takes the employee role (see independent contractor) |
Servient Estate | a property that is subject to being used by the dominant estate |
Set Aside | to nullify (to render void) |
Setoff | amount that can be used to offset a tax deficienty |
Settlement | amicable resolution of matters |
Settlor | a person who creates a trust β for a beneficiary β by giving property to someone else |
Severable Contract | an agreement that can be broken into multiple parts (for multiple parties) |
Severance | money that a company pays to a departing employee |
Shall | mandatory; must. The term denotes a ministerial duty |
Sham Pleading | an answer/complaint that is wholly false |
Share | a unit of stock |
Share and Share Alike | divide equally |
Shareholder | an investor who owns stock [in a company] |
Sheriff's Sale | a forced sale of defaulted property |
Short Rate | a quick re-do of an insurance policy |
Show Cause | demonstrate (typically in response to a Court Order) |
Sick Pay | wages for missed work (due to illness/injury) |
Sight Draft | demand for immediate payment |
Signature | a writing/mark that authenticates a document/instrument |
Silent Partner | an investor/principal who is either abstinent or anonymous |
Sinking Fund | money amassed to repay a debt |
SIPC | nonprofit private corporation that protect stock market participants |
Socage | a type of tenure that a vassal performed for his lord |
Soldier's Will | an orated will & testament (which receives less stringent regulations) |
Sole Proprietorship | a one-man operation |
Solvency | a stage/status that denotes a companies good financial health |
Sound | healthy mind/capacity |
Sovereign | the governing body that has dominion over a case |
Sovereign Immunity | the government's protection against lawsuits (see 11th Amendment (US)) |
Specialty | contracts that were valid despite the absence of consideration |
Speculation | swiftly trading securities/goods for the sake of profiteering |
SpendThrift Trust | a restricted trust that minimizes a beneficiary's extravagant spending |
Spoilation | hiding/destruction of material evidence (see concealment) |
Spot Price | the current price/value of the stock |
Squeeze Out | acts to eliminate/minimize minority shareholders |
Standard Deductions | a prescribed reduction in taxable income |
Standing | a legal/legitimate right to sue/complaint |
Stare Decisis | precedent |
State Bond | a loan that is issued/sold by a state government |
Statement | an assertion (typically, one which the party intends to prove) |
Statute | a law |
Statute of Frauds | requirement that contracts must be signed β in order to be enforceable |
Statute of Limitations | the time period in which claims must be made (or be forever barred) |
Statute of Uses | old English law preventing separate of legal estates from equitable estates |
Statute of Wills | old English law prescribing conditions for a valid will |
Statutory Law | the statutes created by the legislature |
Stay | to halt proceedings until further notice |
Stock Certificate | a receipt for a corporate share |
Stock Clearing | a clerical task surrounding the physical delivery of traded stocks |
Stock Exchange | a place where people/entities buy & sell securities |
Stock Issue | public offering of corporate shares |
Stock Market | a place where people/entities buy & sell securities |
Stock Option | a financial add-on that gives the option owner some privilege/right |
Stock Split | dividing the outstanding shares into larger numbers |
Stockholders' Derivative Action | a lawsuit that shareholders take [against corporate assailants] on behalf of its corporation |
Straddle | financial derivatives position that only cares about stock volatility |
Straw Man | a fictitious person/scenario erected for the purpose of arguing against it (ie, grandstanding) |
Street Name | securities held in the broker's name |
Strict Construction | using the literal meanings of statutes and laws |
Strict Liability | liability without fault (compare vicarious liability) |
Strict Scrutiny | taking a close look at a rule/statute that will impact fundamental rights |
Strike Price | the ultimate purchase price for share of corporate stock |
Sua Sponte | on the court's own volition (a spontaneous act by the court) |
Subject Matter | the topic for which the claims arise |
Subject to Open | a flexible inheritance that permits an increase/decrease in heirs |
Sublease | rent your rental to someone else |
Subpoena | writ commanding someone to appear in court, produce information; or do both. |
Subrogation | substituting one creditor for another |
Subrogee | the entity that succeeds the legal rights/claims of another |
Subrogor | the entity whose legal rights/claims are acquired by another entity |
Subsidiary | a company that is largely owned by a larger company |
Substitution | replacing one legatee with another |
Subtenant | the person who rents from another renter |
Succession | inheriting property from a preceding heir |
Successive Terms | a continuous series of periods |
Successor | the person who follows (and assumes) the rights/roles/etc of a prior person |
Sui Juris | reaching emancipation/independence |
Sum Certain | damages that can be calculated accurately (synonym for "liquidated damages") |
Sum Certain | damages that can be calculated accurately (synonym for "liquidated damages") |
Summary Judgment | final decision on the case that precludes the need for a trial/hearing |
Summons | a writ commanding a defendant to answer to a complaint |
Sunday Closing Laws | laws forbidding commercial activity on Sundays |
Suppression of Evidence | blocking information from being used in a litigation |
Supra | latin word for above; (antonym of infra) |
Supremacy Clause | Art. VI Β§2 US Constitution (the federal government rules over states) |
Supreme Court | the highest court of the land; the court of final review |
Surcharge | an additional fee/penalty |
Surety | a person/entity that will guarantee payment/action that has been conferred upon another person/entity (ie, its principal) |
Surplus | assets minus liabilities/debts/etc. |
Surrender | to deliberately cancel a policy (while retrieving accumulated cash value) |
Suspension | a temporary break featuring negative connotations (compare with abeyance) |
Sustain | to approve the request (ie, to approve an objection) |
Term | Short Definition |
---|---|
Tacking | adding/joining things together |
Tangible Property | possessable items that can be observed by the senses (ie, sight, touch, smell, etc.) |
Tax | money that the government takes from its citizenry |
Tax Benefit Doctrine | concept that allows a taxpayer to balance out his/her varying tax liabilities |
Tax Court | administrative agency that hears adverse IRS rulings |
Tax Credit | a reduction in the amount of tax owed |
Tax Deduction | a reduction in the amount that can be taxed |
Tax Exempt | not subject to tax |
Tax Expenditure | losses that the government experiences due to certain tax benefits/releases/reliefs |
Tax Liability | a taxpayer's total tax bill |
Tax Preference Items | items that β due to receiving preferential IRS treatment β fall victim to aggregate taxation |
Tax Rate | the percentage rate of tax imposed |
Tax Sale | a sale of land β for the nonpayment of taxes |
Tax Shelter | financial vehicles/structures that can be used reduce tax liability |
Taxable Estate | net amount that is used for calculating estate tax liability |
Taxable Gift | net amount that is used for calculating gift tax liability |
Taxable Income | the net amount of personal revenue that is subject to a tax rate |
Taxable Year | the calendar year in which taxes accrue |
Taxing Power | congress's authority to levy/collect taxes |
Taxpayer | a person/entity that pays taxes |
Tenancy | a tenantβs right to possess an estate |
Tenant | a person who rents property from someone else |
Tenant in Fee | a person who can reside on an estate forever |
Tender | an offer to pay/perform coupled with tangible payment |
Tender of Delivery | placement of goods at the buyer's location |
Tender Offer | a publicly announced purchase-of-stock that will give the buyer control of the corporation |
Tenement | permanent property |
Tenure | the right to hold |
Term Insurance | a type of insurance that ends at a specified date/time |
Terminable Interest | an interest in property that will end (based on time/conditions) |
Testacy | the condition of leaving a will |
Testament | statement outlining the disposal of personal property β upon death |
Testamentary Capacity | having a mind that is sound enough to create a will |
Testamentary Disposition | a gift that only transfer upon the giver's death |
Testamentary Intent | a legal determination that a purported will is [indeed] a will |
Testator | the person whom the will covers (ie, the upcoming dead person) |
Testimony | oral information submitted under oath |
Time Sharing | an agreement β among multiple people β to share ownership of a property |
Title | ownership |
Toll | extend the time to perform an act (see Statute of Limitations) |
Tombstone Ad | a newspaper advertisement that announces the sale/purchase of corporate stock |
Tort | a wrong - in the eyes of society (eg. a judge committing perjury) |
Tortfeasor | one who wrongs another (within the confines of society's expectations) |
Total Disability | inability to perform the core job duties |
Total Loss | full destruction of an item/property |
Trade Fixture | a commercial item (eg, a sign) that is erected upon rented property |
Trade Name | a name that identifies a particular merchant's business |
Trade Secrets | any [unpublished] formula/process/tool that gives its owner a commercial advantage |
Trade Usage | a practice that is widely accepted/relied-upon within an industry |
Trademark | an insignia that identifies a particular merchant's goods |
Transaction | an event that has tax consequences |
Transcript | written record (verbatim) of an official proceeding |
Transfer | to give to another person/entity |
Transfer Agent | the recordkeeper of a corporation's shareholders |
Transferee | the person/entity that receives the property |
Transferee Liability | a tax liability that is imposed on the person who has received the transfer |
Transferor | the person/entity that provides the transfer |
Traverse | a pleading that denies the allegations (eg, an answer/response) |
Treasure Trove | a valuable thing that has been hidden |
Treasury | the division of a government/entity that handles financial affairs |
Treasury Bill | a loan to the government that matures in 1-year-or-less |
Treasury Bond | a loan to the government that matures after 5-years have passed |
Treasury Note | a loan to the government that matures between 1-year and 5-years |
Treasury Stock | stock that a company re-purchased after previously issuing it out |
Trial Court | the court that adjudicates the facts and laws of a case |
Tribunal | the governing body that has original jurisdiction |
Trover | old law that recovered personal property that was wrongly converted |
Trust | an entity that holds assets for the benefit of another person/group |
Trust Certificate | an item that is used to finance the purchase of railroad equipment |
Trust Company | a financial organization that acts as a trustee/fiduciary/agent for its customers |
Trust Fund | property that is held in trust β for the benefit of another person |
Trust Indenture | the terms & conditions of a trust |
Trustee | the person who controls the trust |
Trustor | the person who creates a trust |
Truth in Lending Act | federal law that requires lenders to fully-inform their borrowers |
Tying Arrangement | salesman's requirement that a customer must buy the second product from that same salesman |
Term | Short Definition |
---|---|
U3C | congressional permission to allow states/territories to adopt uniform laws/statutes |
UCC | a widespread code of laws governing various commercial transactions |
Ultra Vires | excess of authority |
Ultrahazardous Activity | an uncommon, risky, and harmful activity that gives rise to liability |
Unclean Hands | actively causing the problem that you took legal action on |
Unconscionability | so unreasonably detrimental that it renders itself to be unenforceable |
Unconstitutional | an act that does not conform with the constitution |
Underwrite | to evaluate the insurability of a prospective customer |
Undivided Interest | each property owner has the right to use/enjoy the entire property |
Undue Influence | impact on another person that is so strong that it [itself] is rendered invalid |
Unearned Surplus | paid-in-surplus; revaluation surplus; donated surplus; etc. |
Unfair Competition | mimicking a competitor for unjust enrichment |
Unfair Labor Practice | coercive/discriminatory/overreaching activities conducted by unions/employers |
Unfit | unsuitable for a particular use/service |
Uniform Gifts to Minors Act | a uniform set of laws that creates a statutory method for making a gift [in trust] to minors. |
Unit Investment Trust | an unmanaged portfolio of bonds that are sold in $1,000 denominations |
Unities | legal requirements necessary to create certain kinds of tenancies |
Universal Agent | an agent authorized to transact all the business of his/her principal |
Unjust Enrichment | wrongfully benefiting at the expense of another person |
Unlawful Detainer | holding possession without having the right to do so |
Unlisted Security | a stock/bond that is not regulated by the SEC |
Uptick | indicia that the latest trade [in a stock] is at a higher price than the previous trade |
Use | the right to enjoy the benefits that flow from property |
Usufruct | the right to enjoy/profit-from the vested property [of someone else] |
Usurious Contract | a predatory lending contract |
Usury | a predatory interest charge (typically found in distressed loans) |
Term | Short Definition |
---|---|
Vacate | to nullify [a prior order] |
Valuation | the determination of how much reserve an insurer should hold |
Value | the monetary worth of a thing |
Variance | proofs at trial that are different from charges at indictment |
Vassal | a land-based servant |
Venal | readibly bribed/corrupted |
Vend | to sell |
Vendee | a buyer |
Vendor | a seller |
Vendor's Lien | securing a vendee's payment by collateralizing his/her property/estate |
Venire | the manner in which a jury is summoned |
Venue | the place where the issues can be adjudicated |
Verdict | the final decision handed down by the finder of fact |
Verification | the certification of the authenticity/veracity of something (typically, a legal statement) |
Verified | the officially certified authenticity/veracity of something (typically, an oath) |
Vested | matured |
Vexatious Litigation | excessive/frivolous litigation |
Vicarious Liability | being held accountable for a subordinate's actions (see master-&-servant) |
Villenage | a form of tenure that required the tenant to perform all services [for his/her lord] |
Vitiate | to nullify/void |
Void | invalid; worthless |
Voir Dire | process of evaluating prospective jurors |
Voting Trust | accumulating corporate shares for the purpose of controlling the corporation |
Term | Short Definition |
---|---|
Waiver | surrendering a right/requirement |
Wanton | reckless disregard |
Ward | a person whom the law regards as incapable of managing his/her own affairs |
Wardship | a form of [common law] guardianship |
Warehouse Receipt | a receipt that is issued by a person (bailee) engaged in the business of storing goods for hire |
Warrant | an order from a judge that permits search/seizure (see 4th Amendment) |
Warranty | insurance on a product/property |
Warranty Deed | a document that warrants that the grantor has the title he/she claims to have |
Waste | an act that decreases the value of property |
Wasting Asset | an asset that will be consumed through its use; |
Watered Stock | corporate shares that are being offered at an inflated price |
Weight of the Evidence | how important the information is |
When Issued Securities | a conditional trading basis for authorized stock that is yet-to exist |
Whiplash Injury | a neck injury commonly associated with rear-end car crashes |
White-Collar Crime | nonviolent offenses that are committed by executives/officials |
Whole Life Insurance | an agreement by which a beneficiary receives a fixed death benefit |
Widow | a woman whose husband has died |
Widower | a man whose wife has died |
Will | a contract that distributes inheritance |
Willful | intentional; connoted with desire to inflict damage (also see wanton) |
Winding Up | the process of liquidating a corporation |
Withdrawal | the removal of money/etc from the place where it is kept |
Withholding | portions of earned wages that an employer removes from each salary payment |
Without Recourse | without further rights regarding some matter |
Witness | someone who supplies testimonies and/or affidavits |
Words of Limitation | words used that actually indicate the type of estate that is being taken by the grantee |
Words of Purchase | words in a property transfer that indicate who takes the estate |
Work Product | legal notes/materials that are sacred/privileged |
Workers Compensation Acts | laws holding employer's liable for on-the-job injuries/illnesses |
Worthier Title | concept that confers supremacy of a living-man's gift over a deadman's gift |
Wraparound Mortgage | an advantageous second mortgage featuring lower cash flow demands |
Writ | a legal order compelling someone to act |
Writ of Error | a higher-court command [to a lower court] to send up the record (ie, Certiorari) |
Writ of Prohibition | a legal order directing an officer/governing body to refrain from acting |
Wrongful Death Statute | a law that lets people sue each other for lethal misconduct |
Term | Short Definition |
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X | [substitute] signature (typically used by people with an impairment that affects a full handwritten signature) |
Term | Short Definition |
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Yellow Dog Contract | a contractual provision that prohibits labor union membership |
Yield | the current rate of return |
Yield-to-Maturity | a calculation of yield on a bond that accounts for capital gains/losses |
Term | Short Definition |
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Zone of Employment | the physical area that an employer is legally liable for |
Feel free to use it throughout your financial/insurance life.
Sincerely,
www.FroogleMe.com