Law

Abrogate
Abrogate refers to the annulment, repeal, or abolition of a contract, rule, order, law, or treaty, thereby rendering it void or inoperative.
Adversary
An adversary refers to an opponent or litigant, typically in a legal context, who opposes another party in a controversy or litigation.
Affiant
An affiant is a person who makes and signs a written statement under oath.
Amend
To change or modify a legal document, statute, contract, or pleading without completely abolishing its original form.
Amicus Curiae
Latin for 'friend of the court.' Amicus curiae refers to a person or organization that is not a party to a legal case but offers information or expertise to assist the court in its decision-making.
Appellee
In legal terms, an appellee is the party against whom an appeal is filed. This person or entity is usually the one who won at the lower court level but must now defend that ruling in a higher court.
Artificial Person
An entity that is recognized by the law as a legal person, meaning it possesses legal rights and obligations distinct from the individuals who comprise it. Examples include companies and corporations that can engage in legal actions, own property, etc.
Bribe
A voluntary payment offered, usually surreptitiously, in expectation of a special favor. While offering a bribe is not always illegal, accepting one is unethical or frequently illegal.
Code
The term 'Code' in various contexts may refer to the Internal Revenue Code governing federal taxation, source code within computer programs, or compilations of laws like the Motor Vehicle Code.
Condemnation
The process by which private property is taken for public use with compensation to the owner, under eminent domain, and declarations of structures being unfit for use.
Conflict of Interest
A conflict of interest arises when an individual, such as a public official, faces a clash between their personal interests and their professional responsibilities. This situation can compromise their impartiality and decision-making capabilities.
Contributory Negligence
A principle of law recognizing that injured persons may have contributed to their own injury. This concept can significantly impact the ability to recover damages in personal injury cases.
De Jure
De jure refers to a state of affairs that is in accordance with law, that is lawful and legitimate. It is commonly contrasted with de facto, which refers to a state of affairs that exists in reality, irrespective of its legality.
Decedent
A decedent is a term used in law and in financial contexts to refer to a person who has died. It is most commonly used in the context of estates, taxes, and legal proceedings.
Embezzlement
Embezzlement is the fraudulent appropriation, for one's own use, of property lawfully in one's possession. It is a type of larceny often associated with bank employees, public officials, or officers of organizations, who in the course of their lawful activities, come into possession of property, such as money, actually owned by others.
Enjoin
Enjoin refers to the act of legally prohibiting or requiring an action through a judicial order, often associated with court-issued injunctions.
Friendly Suit
A Friendly Suit is an action authorized by law, brought by agreement between the parties, to secure a judgment that will have a binding effect in cases where an agreement or settlement would not.
Grantor
A grantor is an entity, often an individual or trustee, that transfers, or 'grants,' assets or rights to another party; in the context of investments and law.
Guardian
A guardian is an individual assigned with the responsibility of protecting another person or property, either via general duty or legal appointment.
Implied
In various contexts such as law, business, or communication, 'implied' refers to something not explicitly stated but inferred from actions, context, or established facts.
In Personam
In Personam (against the person) refers to legal actions directed towards an individual, based on personal liability and requiring the court to have jurisdiction over the defendant.
Ingress and Egress
Ingress and egress refer to the rights and means of entering and leaving a property. These terms are crucial in real estate, law, and property management, as they dictate the accessibility and usability of properties.
Involuntary
The term involuntary refers to actions or circumstances that occur without an individual's willing consent, often forced or opposed. It signifies situations where individuals are made to act against their own will, typically under some form of duress.
Irreparable Harm, Irreparable Damage
In law, irreparable harm or irreparable damage refers to something that cannot be compensated for adequately in a court of law through monetary compensation, injunction, or specific performance, and for which reasonable redress for the inflicted injury cannot be received.
Jury
A jury is a group composed of peers of the parties or a cross-section of the community, summoned and sworn to decide on the facts in issue at a trial.
Law
The legal system is a set of rules enforced by governmental institutions to regulate human behavior, provides a structure for society, and ensures justice is upheld.
Legal Notice
A legal notice is a formal notification to an individual or entity regarding their legal obligations, rights, or duties as required by law. This communication method ensures that the recipient is aware of and can respond to legal matters in a timely manner.
Legal Right
A legal right is an interest that the law will protect. It is a privilege or entitlement granted by a legal system to individuals or entities, allowing them to perform certain actions or be free from others performing certain actions against them.
Legal Title
A collection of rights of ownership that are defined or recognized by law or that could be successfully defended in a court of law.
Legal Wrong
A legal wrong is an act that infringes upon a legal right, causing harm or loss to another party, which may lead to liability or legal consequences.
Lexis
LEXIS, short for Legal Exchange Information Service, is a comprehensive online legal research service that provides access to a vast repository of legal resources including case law, statutes, regulations, news, and business information. It is widely used by legal professionals, law students, and researchers.
Liable
Liable means being legally responsible or obligated for something. It often relates to situations where a person or entity is required to uphold their part of a legal duty or may be subjected to penalties if they fail to do so.
Loophole
A technicality making it possible to circumvent a law's intent without violating its letter. Often used to refer to gaps in rules that allow for unintended advantages.
Malpractice
Malpractice refers to the improper, illegal, or negligent professional activity or treatment, especially by a medical practitioner, lawyer, or public official.
Minor
A 'minor' refers to an individual who is under the age of majority, which is specified by law. This age can range between 18 to 21 years, depending on the jurisdiction. Certain contracts entered into by minors are voidable at the discretion of the minor.
Misdemeanor
A misdemeanor is a class of criminal offenses less serious than felonies and sanctioned by less severe penalties.
Mistake
In law, a mistake refers to an act or omission arising from ignorance or misconception which may justify rescission of a contract or exoneration of a defendant from tort or criminal liability depending on its nature or the surrounding circumstances.
Nonacquiescence
Nonacquiescence refers to a situation where a court or administrative agency formally announces that it will not follow a precedent set by another court decision.
Order
An order refers to an instruction or command to perform a particular action, applicable across various contexts such as commercial law, investments, law, and trade. It signifies a formal directive requiring compliance according to defined terms.
Possession
In legal terms, possession refers to having, holding, or detaining property under one's control, and involves both custody and the right to exercise dominion.
Prima Facie
The term 'prima facie' refers to something that appears to be true at first glance and can be accepted until disproved or rebutted. It describes a circumstance or evidence that is sufficient to establish a fact or a case unless contradicted by further evidence.
Professional Corporation
A professional corporation (PC) is a type of corporation formed for the purpose of engaging in a learned profession, such as law, medicine, or architecture, where traditionally such fields required personal qualifications that corporations lacked.
Punitive Damages
Compensation awarded in excess of actual damages, serving as a punishment for the wrongdoer and reparations for the injured. Typically granted in cases of malicious and willful misconduct.
Rehabilitation
Rehabilitation refers to the process of restoring something, such as a structure, to a good condition. It can be applied to various fields such as real estate, healthcare, and law, involving steps to improve, reconstruct, or repair.
Remainderperson
A Remainderperson is an individual who has an interest in an estate that becomes possessory after the termination of a present possessory interest, often referring to one who holds a remainder interest, whether vested or contingent.
Respondent
In legal terms, a 'respondent' is the party sued in an action at law. In a general context, a 'respondent' is someone who answers a survey.
Right
In legal and ethical contexts, a right refers to a justified claim or entitlement that individuals or groups possess. These rights can be grounded in moral obligations or codified within legal systems, such as Subscription Rights in securities.
Sale
A sale represents an exchange of goods or services for money. The concept and details of a sale vary across fields such as finance, law, marketing, and securities trading.
Settlement
In various contexts, the term 'settlement' refers to different but related processes involving the distribution, resolution, or agreement on various matters such as estates, legal disputes, or real estate transactions.
Short Form
In various contexts, a short form is an instrument or document that serves as a reference or a simplified version of a longer, more complex document.
Statutory Notice
Statutory Notice refers to a legally mandated period during which parties must be informed about a specific event or action that is scheduled to occur. This notice ensures that all relevant parties have adequate time to prepare or respond as required by law.
Substitution
Substitution refers to the act of replacing one element with another in various contexts including banking, contract law, economics, law, and securities.
Vacate
Understanding the different applications of the term 'vacate' in real estate, law, and other contexts.
Valid
A term used to indicate that an agreement or a legal document is legally binding, sufficient, and authorized by law.
Violation
A violation refers to an act or condition that is contrary to law or the permissible use of real property. It often leads to penalties such as fines and legal actions.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.