Common Law

Barrister
A barrister is a type of lawyer in common law jurisdictions, predominantly found in England, whose primary function is to represent clients in higher courts of law.
Champerty
Champerty refers to an arrangement in common law where a third party, such as an attorney, underwrites the costs of a lawsuit in exchange for a portion of the expected damages. Once illegal, champerty is now prohibited in modified form in only a few jurisdictions.
Chancery
Chancery refers to the jurisdiction exercised by a court of equity, focusing on fairness and justice rather than strictly adhering to statutory laws.
Citizen
A citizen is a legally recognized subject or national of a state or commonwealth, either native or naturalized. In the context of the United States, a U.S. citizen is an individual who has met specific requirements laid out by the Immigration and Nationality Act (INA).
Common Law
Common Law is a system of jurisprudence that originated in England and was later applied in the United States. It is based on judicial precedent rather than on legislative enactment and is therefore derived from principles rather than rules.
Curtesy
Curtesy refers to a husband's common law right to a life estate in all lands owned by his deceased wife, provided there were issue born of the marriage who are capable of inheriting the estate.
Curtilage
Refers to the land and immediate surroundings of a dwelling house, regarded as legally attached to it under common law.
Estovers
Estovers refer to the right of a tenant or life tenant to use timber on the leased premises for proper maintenance of the property.
Implied Agency
Implied Agency occurs when the words and actions of the parties indicate that there is an agency relationship, even if no formal agreement has been made.
Public Law
Constitutional, statutory, or judicial law developed by governments and applied equally to the general public. Contrast with Private Law.
Quo Warranto
Quo Warranto is a historical common law writ used to challenge a person's right to hold public office, franchises, or liberties. It asks by what authority the individual claims such rights.
Restraint on Alienation
A restraint on alienation refers to a restriction on the ability to convey real property interests. Such restrictions often infringe on the common law policy that favors the free transferability of property.
Seal
In common law, a seal is an impression on wax or another substance capable of being impressed, used to attest to the execution of an instrument. The term 'seal' and the letters 'L.S.' (locus sigilli, 'place of the seal') are commonly used for the same purpose today.
Stare Decisis
Stare Decisis is a legal principle that mandates courts to follow judicial precedents set by previous cases when making decisions on new cases involving similar issues.

Accounting Terms Lexicon

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