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SELECT A WORD TO VIEW THE COMPLETE DEFINITION:
bilateral contract
n. an agreement in which the parties exchange promises for each to do something in the future. "Susette Seller promises to sell her house to Bobby Buyer and Buyer promises to pay Seller $100,000 for it." This is distinct from a "unilateral contract," in which there is a promise to pay if the other p...
capital gains
n. the difference between the sales price and the original cost (plus improvements) of property. Capital gains taxes can be a terrible financial shock to individuals who bought a house or business many years ago for the going price and now find it is highly valued, greatly due to inflation. Example:...
child custody
n. a court's determination of which parent, relative or other adult should have physical and/or legal control and responsibility for a minor (child) under 18. Child custody can be decided by a local court in a divorce or if a child, relative, close friend or state agency questions whether one or bot...
compromise verdict
n. a decision made by a jury in which the jurors split the difference between the high amount of damages which one group of jurors feel is justified and the low amount other jurors favor. Since this is a "chance" verdict not computed on a careful determination of the damages, it may do an injustice ...
de minimis
adj. (dee-minnie-miss) Latin for "of minimum importance" or "trifling." Essentially it refers to something or a difference that is so little, small, minuscule or tiny that the law does not refer to it and will not consider it. In a million dollar deal, a $10 mistake is de minimis.
deficiency judgment
n. a judgment for an amount not covered by the value of security put up for a loan or installment payments. In most states the party owed money can only get a deficiency judgment if he/she chooses to file a suit for judicial foreclosure instead of just foreclosing on real property. However, some sta...
discount
n. the payment of less than the full amount due on a promissory note or price for goods or services. Usually a discount is by agreement and includes the common situation in which a holder of a long-term promissory note or material goods will sell it/them for less than face value in order to get cash...
examination
n. 1) the questioning of a witness by an attorney. Direct examination is interrogation by the attorney who called the witness, and cross-examination is questioning by the opposing attorney. A principal difference is that an attorney putting questions to his own witness cannot ask "leading" questions...
fair market value
n. the amount for which property would sell on the open market if put up for sale. This is distinguished from "replacement value," which is the cost of duplicating the property. Real estate appraisers will use "comparable" sales of similar property in the area to determine market value, adding or de...
grant
v. to transfer real property from a title holder (grantor) or holders to another (grantee) with or without payment. However, there is an important difference between the types of deeds used. A grant deed warrants (guarantees) that the grantor (seller) has full right and title to the property, while ...
incompatible
adj. 1) inconsistent. 2) unmatching. 3) unable to live together as husband and wife due to irreconcilable differences. In no-fault divorce states, if one of the spouses desires to end the marriage, that fact proves incompatibility, and a divorce (dissolution) will be granted even though the other sp...
insanity
n. mental illness of such a severe nature that a person cannot distinguish fantasy from reality, cannot conduct her/his affairs due to psychosis, or is subject to uncontrollable impulsive behavior. Insanity is distinguished from low intelligence or mental deficiency due to age or injury. If a compla...
irreconcilable differences
n. the usual basis for granting a divorce (dissolution) in no-fault divorce states. If one party says the marriage is irretrievable and refuses to reconcile then such differences are proved to exist.
let
v. 1) to allow or permit. This is distinguished from "against one's will." The word can be very important legally, as in the statement "Lucy let Johnny have sexual relations with her," which can make a huge difference in a claim of rape. 2) to lease or rent real property, particularly a room or apar...
loss
n. 1) the value placed on injury or damages due to an accident caused by another's negligence, a breach of contract or other wrongdoing. The amount of monetary damages can be determined in a lawsuit. 2) when expenses are greater than profits, the difference between the amount of money spent and the ...
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...
no fault divorce
n. divorces (dissolutions) in which neither spouse is required to prove "fault" or marital misconduct on the part of the other. To obtain a divorce a spouse must merely assert incompatibility or irreconcilable differences, meaning the marriage has irretrievably broken down. This means there is no de...
on all fours
adj. a reference to a lawsuit in which all the legal issues are identical (or so close as to make no difference) to another case, particularly an appeals decision which is a precedent in deciding the suit before the court. Thus, an attorney will argue that the prior case of, for example, Steele v. M...
oral contract
n. an agreement made with spoken words and either no writing or only partially written. An oral contract is just as valid as a written agreement. The main problem with an oral contract is proving its existence or the terms. As one wag observed: "An oral contract is as good as the paper it's written ...
paid into court
adj. referring to money deposited with the clerk of the court by a person or entity who knows that the money is owed but does not know to whom they should pay it until the outcome of a lawsuit between two other parties is decided. In short, the party handing over the money is saying: "Here is the mo...
strict construction
(narrow construction) n. interpreting the Constitution based on a literal and narrow definition of the language without reference to the differences in conditions when the Constitution was written and modern conditions, inventions and societal changes. By contrast "broad construction" looks to what ...
tax evasion
n. intentional and fraudulent attempt to escape payment of taxes in whole or in part. If proved to be intentional and not just an error or difference of opinion, tax evasion can be a chargeable federal crime. Evasion is distinguished from attempts to use interpretation of tax laws and/or imaginative...
tenancy at sufferance
n. a "hold-over" tenancy after a lease has expired but before the landlord has demanded that the tenant quit (vacate) the premises. During a tenancy at sufferance the tenant is bound by the terms of the lease (including payment of rent) which existed before it expired. The only difference between a ...
unilateral contract
n. an agreement to pay in exchange for performance, if the potential performer chooses to act. A "unilateral" contract is distinguished from a "bilateral" contract, which is an exchange of one promise for another. Example of a unilateral contract: "I will pay you $1,000 if you bring my car from Clev...
variance
n. 1) an exception to a zoning ordinance, authorized by the appropriate governmental body such as a planning commission, zoning board, county commissioners or city council. Example: the zoning ordinance requires that no residences can be built within 10 feet of a property's back line, but due to the...
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