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SELECT A WORD TO VIEW THE COMPLETE DEFINITION:
child support
n. court-ordered funds to be paid by one parent to the custodial parent of a minor child after divorce (dissolution) or separation. Usually the dollar amounts are based on the income of both parents, the number of children, the expenses of the custodial parent, and any special needs of the child. In...
common stock
n. stock in a corporation in which dividends (payouts) are calculated upon a percentage of net profits, with distribution determined by the board of directors. Usually holders of common stock have voting rights. These are distinguished from preferred stock in which the profits are a predetermined pe...
condemnation
n. the legal process by which a governmental body exercises its right of "eminent domain" to acquire private property for public uses (highways, schools, redevelopment, etc.). Condemnation includes a resolution of public need, an offer to purchase, and, if a negotiated purchase is not possible, then...
condemnation action
n. a lawsuit brought by a public agency to acquire private property for public purposes (schools, highways, parks, hospitals, redevelopment, civic buildings, for example), and a determination of the value to be paid. While the government has the right to acquire the private property (eminent domain)...
consumer protection laws
n. almost all states and the federal government have enacted laws and set up agencies to protect the consumer (the retail purchasers of goods and services) from inferior, adulterated, hazardous or deceptively advertised products, and deceptive or fraudulent sales practices. Federal statutes and regu...
eminent domain
n. the power of a governmental entity (federal, state, county or city government, school district, hospital district or other agencies) to take private real estate for public use, with or without the permission of the owner. The Fifth Amendment to the Constitution provides that "private property [ma...
jury
n. one of the remarkable innovations of the English common law (from the Angles and Saxons, but also employed in Normandy prior to the Norman Conquest in 1066), it is a group of citizens called to hear a trial of a criminal prosecution or a lawsuit, decide the factual questions of guilt or innocence...
M'Naughten rule
n. a traditional "right and wrong" test of legal insanity in criminal prosecutions. Under M'Naughten (its name comes from the trial of a notorious English assassin in the early 1800s), a defendant is legally insane if he/she cannot distinguish between right and wrong in regard to the crime with whic...
preferred stock
n. a class of shares of stock in a corporation which gives the holders priority in payment of dividends (and distribution of assets in case of dissolution of the corporation) over owners of "common" stock at a fixed rate. While the assurance of first chance at profits is a psychological and real ben...
principal
n. 1) main person in a business. 2) employer, the person hiring and directing employees (agents) to perform his/her/its business. It is particularly important to determine who is the principal since he/she/it is responsible for the acts of agents in the "scope of employment" under the doctrine of re...
property
n. anything that is owned by a person or entity. Property is divided into two types: "real property," which is any interest in land, real estate, growing plants or the improvements on it, and "personal property" (sometimes called "personalty"), which is everything else. "Common property" is ownershi...
public use
n. the only purpose for which private property can be taken (condemned) by the government under its power of eminent domain. Public use includes: schools, streets, highways, hospitals, government buildings, parks, water reservoirs, flood control, slum clearance and redevelopment, public housing, pub...
real property
n. 1) all land, structures, firmly attached and integrated equipment (such as light fixtures or a well pump), anything growing on the land, and all "interests" in the property, which may include the right to future ownership (remainder), right to occupy for a period of time (tenancy or life estate),...
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