Abandonment involves the voluntary and intentional surrender of property or rights to property without naming a successor as owner or tenant. The property will typically revert to someone with a prior interest or, if no owner is apparent, to the state.
Abrogate refers to the annulment, repeal, or abolition of a contract, rule, order, law, or treaty, thereby rendering it void or inoperative.
An 'Act of God' refers to violent and catastrophic events caused by natural forces which could not have been prevented or avoided by human foresight or prudence. In legal terms, such events can excuse the performance of a contractual duty if that performance is rendered impossible.
A legally enforceable agreement containing standardized terms, offered by a business to consumers of goods or services. The consumer must accept the standard provisions and does not have the ability to change those terms.
An appellant is a party who appeals to a higher court against the decision of a lower court. The appellant seeks a reversal or modification of the lower court’s judgment.
The term 'appropriate' refers to the act of setting apart or assigning something for a specific purpose or use. It can also refer to the wrongfully use or take the property of another.
An assignee is a person, company, or entity to whom an agreement, contract, or right is sold, given, or transferred. This legal transfer allows the assignee to step into the shoes of the assignor and assume their rights and obligations under the original contract.
A bailee is a person who has temporary custody of the personal property of another. The degree of liability for such property can vary depending on the circumstances and the terms of the bailment agreement.
A bequest is a gift made through a will, which dictates the transfer of property or assets from a deceased individual to beneficiaries.
Bona fide refers to actions done in good faith, honestly, and without collusion or fraud. In legal contexts, a bona fide purchaser for value is someone who buys property without knowledge of any prior claims on it.
The term 'class' has versatile meanings across different fields such as education, finance, and law. It commonly refers to a group sharing common characteristics, whether in a school, investment category, or legal context.
A condition precedent is an express or implied provision of a contract that requires the occurrence of a specific event or the performance of a certain act before the contract becomes binding on the parties.
A condition subsequent is a provision in a contract that describes an event or act, upon the happening of which certain obligations under the contract terminate.
De facto refers to situations that exist in reality, even if not legally recognized or officially sanctioned. It applies to scenarios where practices or institutions operate as though they were legal, even if they lack official authorization.
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.
Defective refers to something that is incomplete or faulty. In legal and consumer contexts, it signifies that an item is not reasonably safe for a use that can be reasonably anticipated.
In legal contexts, a defendant is a party against whom a lawsuit has been filed in a civil proceeding or an individual charged with a crime in a criminal proceeding.
A donee is a person or entity who receives a gift, trust, power, right, or interest without the need to provide consideration in return.
Egress refers to the right or legal ability to exit or leave a property or premises. It is a common term in real estate and property law, often used in conjunction with 'ingress,' which refers to the right to enter a property.
In legal and business contexts, 'elect' means to choose or decide upon a course of action. This may involve selecting options within contracts, wills, business decision-making, or procedural steps in various transactions.
Escrow Closing is a term used to signify the finalization of real estate transactions, particularly in states where deeds of trust are used in place of traditional mortgages. This process involves an escrow agent ensuring that all documents and funds are properly managed and disbursed.
Fully accomplished or performed actions, where nothing is left unfulfilled. This is the opposite of executory, where something remains to be completed.
An express contract is a legally binding agreement, the terms of which are clearly stated either orally or in writing. It is distinguished from an implied contract where the terms are inferred from conduct or circumstances.
Frustration of Contract refers to the termination of a contract due to an unforeseen event that renders its performance impossible, illegal, or radically different from what was initially agreed.
Gift causa mortis is a transfer of property made by a person facing impending death to a donee, which becomes effective upon the donor's death but can be revoked if the donor survives.
A provision included in new legislation or regulations that exempts certain individuals, businesses, or entities already engaged in regulated activities from complying with new requirements.
The grantee is the party to whom the title of real property is conveyed, effectively the buyer or recipient in a real estate transaction. This term is often used in legal documents such as deeds, contracts, and wills.
A habendum clause is a section of a deed that specifies the rights and interests being granted to the grantee, beginning with the words 'to have and to hold.'
The term 'heirs and assigns' is often found in deeds and wills and is used to grant a fee simple estate, indicating that the property being transferred is granted to the heirs and designated assigns of the recipient.
A hold harmless agreement involves the assumption of liability through a contractual arrangement by one party, effectively eliminating the liability on the part of another party. These agreements are common in scenarios where one entity wants to minimize their risk exposure.
An implied easement is a type of easement that is established by use and acceptance, rather than through a formal legal document. It is typically demonstrated through continuous and obvious use of the property, which is accepted by the property owner without objection.
An implied warranty is a legal term referring to the assurance that a product or service meets certain standards of quality and functionality, even if this warranty is not explicitly stated in writing. It contrasts with an express warranty, which is explicitly communicated.
The term 'In Perpetuity' refers to a state of existence that continues indefinitely without end. In various legal and business contexts, it implies a perpetual time frame or duration.
An inter vivos transfer refers to the transfer of property or an interest in property during a person's lifetime. This term is derived from Latin, meaning 'between the living.' It is commonly used in estate planning and tax contexts to differentiate such transfers from those occurring after death.
Inure refers to something taking effect, serving to benefit someone, or vested in property rights. It indicates a situation where rights or benefits come into force or are legally binding.
Legalese is the specialized language of legal documents, characterized by its formality, precision, and often complex structure, which can be difficult for the layperson to understand without interpretation.
A legatee is an individual or entity that receives property or assets through the terms stipulated in a last will and testament.
A licensee is an individual or entity who is granted a license to engage in certain activities or occupy premises without being a customer, servant, or trespasser. They have permission to use the property primarily for their own interest or convenience.
A life beneficiary is a party entitled to the use of or income from property during their lifetime. Upon their death, the property's benefits typically pass to another individual, often referred to as a remainder person.
A life tenant is an individual who has the right to use and occupy property for the duration of their life or the life of another designated person.
Refers to the year during which a statute of limitations applies to a specific legal action or claim. It sets the maximum time after an event within which legal proceedings may be initiated.
A liquidated debt is a debt that is undisputed both in terms of its existence and the exact amount owed.
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.
The term 'negotiable' has multiple meanings in the contexts of finance, business, and law. It can refer to assets or instruments that can be transferred or sold, as well as mutual agreements or conditions that parties can discuss to reach a satisfactory resolution.
Nonfeasance refers to the failure to perform a duty or responsibility to which one is legally bound, such as an unfulfilled contractual duty.
An obligor is a person or entity that has a legal or contractual obligation to another party. This term is often used in legal and financial contexts, particularly in relation to bonds, loans, and other forms of debt.
Understanding the concepts of occupancy and occupants is essential for various fields, including real estate, property management, and law.
An offeree is a person or party that receives an offer from another individual or entity. The offeree has the authority to accept, reject or counter the offer.
An offerer is the party who presents an offer in a contractual agreement and has the ability to rescind the offer any time before it is accepted.
The Offeror is a party who makes an offer to enter into a contractual agreement with another party (the offeree) in some legal contexts. It is an essential aspect of contract law, advertising, and various business transactions.
The common practices of commercial transactions that refer to necessary activities normal and incidental to a business's operations.
Patent infringement is the act of trespassing upon the rights secured by a patent. It is determined by whether the device in question performs substantially the same work in substantially the same way and accomplishes the same result as the patented device.
Per stirpes is a method of estate distribution that ensures the descendants of a deceased heir receive their portion of the estate.
A petitioner is the party requesting action in a court. In tax disputes, this role is frequently assumed by the taxpayer appealing an IRS position. However, if the government loses and appeals to a higher court, the IRS then assumes the role of the petitioner.
An unquestioned right or privilege that belongs to an individual, often due to their position, status, or membership in a particular group.
A multifaceted concept predominately characterized by the sequence of preference in various legal and financial settings including bankruptcy proceedings, and the right to be paid before other creditors.
Procuring Cause is a legal term predominantly used in real estate to determine whether a broker is entitled to a commission. It refers to the action that resulted directly in achieving a specific goal, such as the sale or lease of a property.
Quid Pro Quo, translating to 'something for something', is often used in legal and business contexts to refer to an exchange where one thing is given in return for another. It implies a mutual agreement or consideration where both parties receive something of value.
Renegotiation is the process of legally revising the terms of a contract to better suit the needs of the involved parties due to changing circumstances or the realization that original terms are no longer applicable or fair.
Repudiation refers to the refusal by one party to fulfill their contractual obligations, signaling an intention to withdraw from the contract.
A restrictive covenant is a clause, which can either restrict the freedom of an individual or entity in a business agreement or affect the usage of land, thereby setting specific limitations and obligations.
Satisfaction of Debt refers to the release and discharge of an obligation where the performance is executed to fulfill a debt.
The term 'scope of employment' refers to acts done while performing one's job duties. It is used to determine an employer's liability for the acts of its employees.
Setoff refers to a counterclaim put forth by the defendant against the plaintiff, often diminishing the amount recoverable by the plaintiff by considering an independent cause of action.
Several liability is a legal concept in which multiple parties can be held independently responsible for their own specified obligations or debts in a contractual agreement.
An individual who purchases property for the purpose of concealing the identity of the eventual purchaser, often used in real estate transactions.
Subordination refers to the process of establishing the priority of one claim or debt over another. It is commonly used in various fields including finance and real estate to manage the hierarchy of obligations and claims.
Testate is a legal term describing a situation wherein an individual has created a valid will before passing away. This will outlines how their assets and estate should be distributed.
A testator (or testatrix) is an individual who creates a will to dictate the distribution of their property and assets after their passing. Without a will, the property passes to the heirs according to state law or reverts to the state.
A third party refers to any individual or entity that is not directly involved in a given transaction or dispute. This term is commonly used in legal and business contexts to denote an outsider who has no direct interest in the matter.
A phrase in a contract signaling that all time-based obligations must be performed punctually and within the specified dates and times.
A unilateral contract is an agreement whereby one party makes a promise to do, or refrain from doing, something in return for an actual performance by the other party, rather than a mere promise of performance.
A usufructuary right enables an individual to use or benefit from property owned by another person temporarily, without altering the ownership of the property.
A vested interest refers to a right or potential benefit in property that will certainly come about, or an involvement in an outcome that could lead to personal gain. This term is used in both legal and business contexts.
In legal terms, void refers to something that is null, empty, unenforceable, or incapable of ratification.
In legal terms, 'voidable' describes a situation where a legal obligation or transaction remains valid and enforceable unless an affected party chooses to void it. This legal classification often arises in contracts, where a defect that allows for annulment can be systematically asserted or proven in court. Until such action happens, the voidable act or agreement retains its legal force.
