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At common law, damages are a remedy in the form of a monetary award to be paid to a claimant as compensation for loss or injury. To warrant the award, the claimant must show that a breach of duty has caused foreseeable loss. To be recognized at law, the loss must involve damage to property, or mental or physical injury; pure economic loss is rarely recognized for the award of damages.
In finance, a derivative is a contract between a buyer and a seller. The derivative can take various forms, depending on the transaction, but every derivative has the following four elements:
- an item that can or must be bought or sold,
- a future act which must occur,
- a price at which the future transaction must take place, and
- a future date by which the act must take place.
Legal separation is a legal process by which a married couple may formalize a de facto separation while remaining legally married. A legal separation is granted in the form of a court order. In cases where children are involved, a court order of legal separation often makes child custody arrangements, specifying sole custody or shared parenting, as well as child support. Some couples obtain a legal separation as an alternative to a divorce, based on moral or religious objections to divorce.
In finance, a call option, often simply labeled a "call", is a contract between the buyer and the seller of the call option to exchange a security at a set price. The buyer of the call option has the right, but not the obligation, to buy an agreed quantity of a particular commodity or financial instrument from the seller of the option at or before a certain time for a certain price. This effectively gives the buyer a long position in the given asset. The seller is obliged to sell the commodity or financial instrument to the buyer if the buyer so decides. This effectively gives the seller a short position in the given asset. The buyer pays a fee for this right. The term "call" comes from the fact that the owner has the right to "call the stock away" from the seller.
An obligation is a course of action which someone is required to take, be it a legal obligation or a moral obligation. Obligations are constraints; they limit freedom. People who are under obligations may choose to freely act under obligations. Obligation exists when there is a choice to do what is morally good and what is morally unacceptable. There are also obligations in other normative contexts, such as obligations of etiquette, social obligations, religious, and possibly in terms of politics, where obligations are requirements which must be fulfilled. These are generally legal obligations, which can incur a penalty for non-fulfilment, although certain people are obliged to carry out certain actions for other reasons as well, whether as a tradition or for social reasons.
Annulment is a legal procedure within secular and religious legal systems for declaring a marriage null and void. Unlike divorce, it is usually retroactive, meaning that an annulled marriage is considered to be invalid from the beginning almost as if it had never taken place. In legal terminology, an annulment makes a void marriage or a voidable marriage null.
A hedge is an investment position intended to offset potential losses or gains that may be incurred by a companion investment. A hedge can be constructed from many types of financial instruments, including stocks, exchange-traded funds, insurance, forward contracts, swaps, options, gambles, many types of over-the-counter and derivative products, and futures contracts.
An indenture is a legal contract that reflects an agreement between two parties. Although the term is most familiarly used to refer to a labor contract between an employer and a laborer with an indentured servant status, historically indentures were used for a variety of contracts, including transfers and rents of land and even peace agreements between rulers.
A lease is a contractual arrangement calling for the user to pay the owner for the use of an asset. Property, buildings and vehicles are common assets that are leased. Industrial or business equipment are also leased. In essence, a lease agreement is a contract between two parties: the lessor and the lessee. The lessor is the legal owner of the asset, while the lessee obtains the right to use the asset in return for regular rental payments. The lessee also agrees to abide by various conditions regarding their use of the property or equipment. For example, a person leasing a car may agree to the condition that the car will only be used for personal use.
A waiver is the voluntary relinquishment or surrender of some known right or privilege.
A real estate contract is a contract between parties for the purchase and sale, exchange, or other conveyance of real estate. The sale of land is governed by the laws and practices of the jurisdiction in which the land is located. Real estate called leasehold estate is actually a rental of real property such as an apartment, and leases cover such rentals since they typically do not result in recordable deeds. Freehold conveyances of real estate are covered by real estate contracts, including conveying fee simple title, life estates, remainder estates, and freehold easements. Real estate contracts are typically bilateral contracts and should have the legal requirements specified by contract law in general and should also be in writing to be enforceable.
The United States Court of Appeals for the Federal Circuit is one of the 13 United States courts of appeals. It has appellate jurisdiction over certain categories of specialized cases in the U.S. federal court system. Specifically, it has exclusive appellate jurisdiction over all U.S. federal cases involving patents, trademark registrations, government contracts, veterans' benefits, public safety officers' benefits, federal employees' benefits, and various other types of cases. The Federal Circuit has no jurisdiction over criminal, bankruptcy, immigration, or U.S. state law cases. It is headquartered at the Howard T. Markey National Courts Building in Washington, D.C.
In law, liable means "responsible or answerable in law; legally obligated". Legal liability concerns both civil law and criminal law and can arise from various areas of law, such as contracts, torts, taxes, or fines given by government agencies. The claimant is the one who seeks to establish, or prove, liability.
Assignment is a legal term used in the context of the laws of contract and of property. In both instances, assignment is the process whereby a person, the assignor, transfers rights or benefits to another, the assignee. An assignment may not transfer a duty, burden or detriment without the express agreement of the assignee. The right or benefit being assigned may be a gift or it may be paid for with a contractual consideration such as money.
An assurance contract, also known as a provision point mechanism, or crowdaction, is a game-theoretic mechanism and a financial technology that facilitates the voluntary creation of public goods and club goods in the face of collective action problems such as the free rider problem.
Consequential damages, otherwise known as special damages, are damages that can be proven to have occurred because of the failure of one party to meet a contractual obligation, a breach of contract. From a legal standpoint, an enforceable contract is present when it is: expressed by a valid offer and acceptance, has adequate consideration, mutual assent, capacity, and legality. Consequential damages go beyond the contract itself and into the actions that arise from the failure to fulfill. The type of claim giving rise to the damages, such as whether it is a breach of contract action or tort claim, can affect the rules or calculations associated with a given type of damages. For example, consequential damages are a potential type of expectation damages that arise in contract law.
The Housing Grants, Construction and Regeneration Act 1996 is an Act of Parliament of the United Kingdom. Its long title shows that it is a piece of omnibus legislation:
N/A is a common abbreviation in tables and lists for the phrase not applicable, not available, not assessed, or no answer. It is used to indicate when information in a certain table cell is not provided, either because it does not apply to a particular case in question or because the answer is not available. Such a notation can be used on many different types of forms.
Tolling is a legal doctrine that allows for the pausing or delaying of the running of the period of time set forth by a statute of limitations, such that a lawsuit may potentially be filed even after the statute of limitations has run. Although grounds for tolling the statute of limitations vary by jurisdiction, common grounds include:
The Nebraska Civil Rights Initiative, also known as Initiative 424, was a 2008 ballot measure that proposed a constitutional amendment which would prohibit the state from discriminating against, or granting preferential treatment to, "any individual or group on the basis of race, sex, color, ethnicity, or national origin in the operation of public employment, public education, or public contracting." The measure, in effect, banned affirmative action at the state level. It passed with 58% of the vote.
References
- ↑ Black's law dictionary: definitions of the terms and phrases of American and English jurisprudence ancient and modern (6 ed.). St. Paul, Minn: West Publ. 1990. p. 210. ISBN 9780314762719.
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