401(K) Plan

"as is"

"at will"

Abandon

Abduction

Abstract of Title

Acceleration Clause

Accord

Account

Accounts Receivable

Accrue

Accused

Accrual Basis

Acknowledgment

Acid-Test Ratio

Acquit

Act

Act of God

Action

Actionable

Actual

Ad Litem

Ad Valorem

Advocate

Additur

Ademption

Adjourn

Adjudge

Adjudicate

Administer

Administrative Agency

Administrative Law

Administrator

Admissible

Admission

Admonition

Adoption

Adultery

Advance Directive

Advancement

Adverse Possession

Affiant

Affidavit

Affirm

Age Discrimination

Age of Consent

Age of Maturity

Agency

Alien

Alienate

Alimony

Alternative Dispute Resolution

Amend

Amendment

Amortize

Annotation

Annuity

Annulment

Answer

Appeal

Appear

Appellant

Appellee

Appraise

Arbitrary

Arbitration

Arraignment

Articles of Incorporation

As a Matter of Law

Asset

Asset Earning Power

Assign

Assignee

Assignor

Assume

Assumption of Risk

Attest

Attorney

Attorney-Client Privilege

Attorney General

Audit

Authenticate

Authority

Bail

Bailiff

Bailment

Bait and Switch

Balance Sheet

Bankruptcy

Bar

Barratry

Barrister

Battery

Bearer

Bench

Beneficiary

Bequeath

Bequest

Bill of Sale

Binder

Blue Sky Laws

Board of Directors

Boiler Plate

Bona Fide

Bond

Bonding

Brain Death

Branding

Breach

Break Even Analysis

Brief

Broker

Budget

Bulk Sale

Burden

Business Judgment Rule

Business Plan

Buyer in the Ordinary Course of Business

By-Law

Capacity

Capital

Capitalization

Case Law

Cash Basis

Cause of Action

Chain of Title

Chambers

Chapter 7, 11, or 13

Charter

Chattel

Chattel Mortgage Contract

Citation

Civil

Claim

Claimant

Class Action

Closing

Cloud on Title

Codicil

Cohabitation

Collateral

Commercial Loan

Common Law

Common Law Marriage

Community Property

Competent

Complaint

Conciliation

Conditional Sales Contract

Consent

Consumer

Contempt

Continuance

Contract

Conversion

Copyright

Corporation

Cost-of-Living Lease

Counterclaim

Court Calendar

Covenant

Creditor

Current Ratio

Custody

Damages

Debtor

Deceased

Decree

Deed

Default

Defendant

Dependent

Deposition

Depreciation

Disbar

Disclaim

Disclosure Document Program

Discovery

Dismissal

Disposable Income

Dispute

Divorce

Subpoena Duces Tecum

Duress

Easement

Enjoin

Equipment Loan

Equity Capital

Estate

Et Al.

Et Seq.

Eviction

Execute

Executor

Facilitate

Federal

Fictitious Name

Fixed Expenses

Fixture

Flat Lease

Foreclosure

Garnish

Grant

Habitable

Hearing

Hearsay

Heir

Implied

Improvement

Income Statement

In-Camera

In Loco Parentis

Incapacitated

Indemnify

Insolvent

Instruction

Interrogatory

Intestate

Investment Turnover

J.D.

Joint

Judgement

Jurisdiction

Jury Charge

Landlord

Lease

Leasehold Improvements

Liability

Lien

Litigation

Living Will

Maintenance

Malpractice

Management

Market

Market Value

Market Survey

Marketing Mix

Markup

Marriage

Media Plan

Mediation

Mediator

Minor

Mistrial

Modified Accelerated Cost Recovery System (MACRS)

Negligence

Negotiation

Net Leases

Notary Public

Objection

Occupational Safety and Health Act (OSHA)

Opening Statement

Order

Overhead

Palimony

Paralegal

Parental Kidnapping

Parol Evidence

Partnership

Patent

Paternity suit

Payee

Percentage Lease

Perjury

Personal Loans

Petition

Plaintiff

Pleading

Postnuptial Agreement

Pour-Over Will

Power of Attorney

Premium

Prenuptial Agreement

Preponderance of the Evidence

Price Fixing

Principal

Pro Bono Publica

Pro Se

Probate

Product Life Cycle

Protective Order

Quiet Title

Quitclaim

Quitclaim Deed

Rebuttal

Recess

Release

Relevant

Remittitur

Remove

Render

Repossess

Restructuring

Return On Investment (ROI)

Return on Owner’s Equity

Revoke

Security

Segmenting

Settle/Settlement

Settlor

Sexual Harassment

Slander

Sole Proprietorship

Stand

Statute

Statute of Limitations

Step Lease

Strategic Business Unit (SBU)

Strategic Planning

Subchapter S

Sublease

Subpoena

Target Market

Tenant

Testify

Title

Tort

Trademark

Trust

Trustee

Uniform Commercial Code

Unit-Control System

Variable Expenses

Venture Capital

Verdict

Verification

Void

Voir Dire

Waive

Warranty

Warranty Deed

Will

Workers’ Compensation

Working Capital

Wrongful Death

Wrongful Discharge

Zoning


Abandon

To give up a right or a claim without transferring it to someone else.


Abduction

Kidnapping a child or depriving another of contact with a child.


Abstract of Title

A history of the ownership rights of a piece of land.


Acceleration Clause

A provision in a credit agreement or a promissory note giving the creditor the right to declare the entire outstanding balance immediately due and payable.


Accord

An agreement to settle a dispute.


Account

A record of transactions between two parties,  including money paid and owed.


Accounts Receivable

The amount due from the total number of sales made by extending credit to customers.  In other words, the amount of money owed to a business for past sales.


Accrue

To begin to exist.  For example, it is said that a claim for personal injury generally "accrues" at the time of the accident.


Accrual Basis

An accounting method in which income and expenses are charged to the period to which they apply, regardless of whether payment has been received during the same time period.


Accused

A person charged with a crime.


Acknowledgment

A declaration, usually made before a notary public, confirming that the signature belongs to the person who signed the document.


Acid-Test Ratio

An analysis method used to determine the liquidity of business by dividing the total liquid assets by current liabilities.


Acquit

To find that a criminal defendant is not guilty.


Act

A statute or other law created by the legislature.


Act of God

A natural  occurrence beyond human control, such as a hurricane, tornado, or earthquake, which may provide an excuse for breach of contract.


Action

A civil proceeding brought in court.


Actionable

Means a set of circumstances which may give rise to a lawsuit.


Actual

Real damages, as opposed to theoretical.  For example, medical bills are considered "actual" damages in a personal injury lawsuit.


Ad Litem

In Latin, it means "for the purposes of this suit."  The terms is usually used in connection with a guardian appointed to represent a minor or an incompetent adult in a particular lawsuit.


Ad Valorem

To calculate something, usually a tax, based on the value of the property.


Advocate

A person who acts or negotiates on behalf of another person.


Additur

An order entered, after a verdict, increasing the amount of damages awarded by the jury.


Ademption

The reduction or elimination of a bequest because, by the time of the testator's death, some or all of the money or property to be bequeathed had already been destroyed or distributed.


Adjourn

To postpone or end a trial or other proceeding before a court.


Adjudge

To render a judicial decision.


Adjudicate

To decide a case.


Administer

To take charge of and oversee the management of a trust or estate.


Administrative Agency

A division of the local, state, or federal government empowered to enforce a particular body of laws.


Administrative Law

A body of law relating to the operation of a particular administrative agency.


Administrator

A person appointed by a court to oversee and administer the estate of a person who died  without a will.


Admissible

Evidence presented to a court in compliance with the rules of evidence.


Admission

A statement made by one person and offered at trial by the person's opponent.


Admonition

A warning or direction given by a judge to any person in the court, including the jury, witnesses, or lawyers.


Adoption

The procedure by which an adult is granted parental rights over a child who is not that adult's biological child.


Adultery

When a married person has sex with anyone other than his or her spouse.


Advance Directive

A "living will" or other instructions for health care in case a person becomes incompetent.


Advancement

When a person transfers money or property to his or her beneficiaries while he or she is still alive, with the understanding that the transfer is instead of a share of the person's estate after his or her death.


Adverse Possession

A procedure for obtaining title to real estate by occupying it in defiance of the right of the title owner.


Affiant

A person who makes an affidavit.


Affidavit

A written statement swearing that certain facts are true and correct.


Affirm

To solemnly state or declare that statements are true.


Age of Consent

Refers to the minimum age at which a person can marry without his or her parent's permission.


Age of Maturity

The age at which a person is legally recognized as an adult.


Age Discrimination

Discrimination in employment or other matters made on the basis of a person's age.


Agency

A relationship between two persons in which the agent acts on behalf of the principal.


Alien

A person who is not a citizen of the United States.


Alienate

To transfer property by sale, gift, or bequest in a will.


Alimony

Money paid by one spouse to another for support during or after divorce proceedings.


Alternative Dispute Resolution

Procedures for resolving disputes without trial, including mediation, arbitration, or conciliation.


Amend

To revise, correct, add to, or subtract from a legal document.


Amendment

The act or process of changing, editing, adding to, or subtracting from a legal document, or the portion of the document added to the original.


Amortize

To pay off a debt in regular installments, including interest and principal, over a specific period of time.


Annotation

A brief summary of legal points interpreting a particular statute.


Annuity

A regular payment made at fixed intervals for a fixed period of time or for the life of the person who receives it.


Annulment

An order or judgment that states that a marriage was never valid.  An annulment wipes out a marriage and puts the parties in the position they were in prior to the marriage, as though it never happened.


Answer

A response to a petition or complaint, usually filed by a defendant.


Appeal

A higher court's review of a lower court's decision.


Appear

The act of coming before a court.


Appellant

The party who files an appeal and seeks to overturn all or a portion of a lower court's decision.


Appellee

The party seeking to keep the lower court's decision from being overturned.


Appraise

To determine the market value of real or personal property.


Arbitrary

An unreasonable act or decision.


Arbitration

A form of Alternative Dispute Resolution in which each party presents his or her position to one or more impartial neutral third parties, who render a specific decision.  Arbitration is usually non-binding unless the parties stipulate in advance that it is binding and enforceable.


Arraignment

A preliminary court proceeding in which a criminal defendant is formally advised of the charges against him or her and required to enter a plea of guilty or not guilty.


Articles of Incorporation

A set of documents which brings a corporation into existence.


As a Matter of Law

A conclusion or finding required by law, regardless of the facts.


"as is"

Refers to property being sold without any warranties; the buyer assumes all risk associated with the property.


Asset

Anything that has value.  Examples of assets would be properties or contracts.


Asset Earning Power

A profitability measure used to ascertain the profitability of a business by taking its total earnings before taxes and dividing that by its total assets.


Assign

To transfer an interest, right, or duty to someone else.


Assignee

The person or entity to whom an interest, right, or duty has been assigned.


Assignor

A person who makes an assignment.


Assume

To take over and accept the responsibility for something, like assuming someone's debts.


Assumption of Risk

A doctrine of law under which a person may not recover damages if the person voluntarily entered into a situation knowing that the situation had a risk of danger or damage.


"at will"

Refers to any type of relationship which can be terminated without cause, by either party, at any time.


Attest

Is to sign a document as a witness to its signing.


Attorney

A licensed lawyer.


Attorney-Client Privilege

A doctrine which protects communications between an attorney and his or her client.


Attorney General

The chief legal officer of the government of the United States or a particular state.


Audit

Examination of records or activities to verify the accuracy of ongoing accounting.


Authenticate

Means to offer evidence to show that a particular document is in fact the actual document.


Authority

Legal power to act.


Bail

Money or property pledged to secure the appearance of an accused criminal at his or her trial.


Bailiff

A court officer charged with maintaining order and security in a courtroom.


Bailment

Refers to an arrangement between two persons in which one person gives his or her personal property to the other, trusting that the other will care for the property.


Bait and Switch

When a retailer attracts customers by advertising low prices on certain items and then, when the customers arrive to purchase the advertised goods, entices the customers to higher priced goods.


Balance Sheet

A financial statement used to report a business’s total assets and liabilities, in which assets must equal liabilities.


Bankruptcy

Refers to a proceeding under the United States Bankruptcy Code in which a person or company which is unable to pay its current debts has those debts adjusted or reorganized in order to obtain relief from creditors.


Bar

Refers to the members of the legal profession; all the lawyers in a particular area.


Barratry

Is the practice of encouraging legal action by attorneys or people working for attorneys to unlawfully solicit clients, especially following airline crashes or other big accidents.


Barrister

Is what a trial lawyer is called in England.


Battery

Means harmful or offensive touching of another person without that person's consent.


Bearer

A person currently in possession of negotiable instruments, like checks.


Bench

Refers to the judge's chair and desk in a courtroom.


Beneficiary

Is a person to whom insurance benefits are paid or a person on whose behalf and for whose benefit a trust is established and trust payments are made.


Bequeath

To give or transfer property in a Will.


Bequest

The specific gift or transfer of property in a Will.


Bill of Sale

A legal document transferring ownership rights from seller to buyer in the purchase of personal property.


Binder

A document granting temporary insurance coverage to a person who has applied for insurance during the time necessary to determine if the application will be accepted or rejected by the company.


Blue Sky Laws

The laws of an individual state regulating securities.


Board of Directors

Is the governing body of a corporation elected by the shareholders and empowered to act on behalf of the corporation.


Boiler Plate

Is standardized legal language included in documents such as Wills, deeds, pleadings, and the like.


Bona Fide

An act or event by a person acting in good faith.


Bond

Is a type of security representing debt of a corporation or governmental entity for money borrowed from the public; the owner of a bond does not obtain an ownership interest in the corporation or governmental entity in question but does become a creditor for the face amount of the bond.


Bonding

A process used by service companies to guarantee their customers that they possess the necessary ability plus the financial means to meet their obligations.  Examples include completion or performance bonds in the construction industry.


Brain Death

Refers to the termination of all brain activities and functioning; brain death is increasingly used as the legal standard for death although the definition varies from state to state.


Branding

Identification of a product with a name or symbol.


Breach

Is a violation of a legal duty.


Break Even Analysis

An analysis method used to determine what production will be needed for a business to sustain itself at its break even point, without profit or loss.  Production or sales in excess of the break even point will result in profit.


Brief

Is a legal argument presented to a court.


Broker

Is a person who, for a commission, brings together buyers and sellers and acts as a middleman in a transaction.


Budget

An accounting of planned revenues and/or expenses over a stated period of time.


Bulk Sale

The sale of a major part of the materials, supplies, merchandise or other inventory of a business not in the ordinary course of the seller’s business.


Burden

Is a restriction placed upon an owner's use of real property, sometimes resulting from an easement or a covenant.


Business Judgment Rule

Is the a rule of law protecting corporate officers from liability for acts which prove to be detrimental to the corporation so long as the officers or directors acted in good faith, had the authority to make the decisions in question, and had a reasonable basis for the decisions made.


Business Plan

A plan used to outline a business’s strategies, projections, and key personnel in order to provide a road map for growth.


Buyer in the Ordinary Course of Business

A purchaser of a product who buys it in a normal method from a person ordinarily in the business of selling such products in good faith, and without any knowledge that the purchase may violate another's rights.


By-Law

Is a set of rules adopted by an association, corporation, or other entity to govern itself.


Court Calendar

Is a list of hearings or cases scheduled for argument or trial on a particular day or over a particular period of time, sometimes referred to as a docket.


Capacity

Means the legal ability to perform an act.


Capital

Is money and property owned and used by a business or individual in the production of more wealth.


Capitalization

Money, common stock, long term debt, or some combination of all three, held by a company.  It is possible to have an excess of capital (in which case the firm is called “overcapitalized”) or not enough capital (in which case the firm is called “undercapitalized”).


Case Law

Refers to the rules of law created by judicial decisions and appealed cases rather than created by enactments of the legislature.


Cash Basis

An accounting method in which income is logged as received and expenses are charged as they occur.


Cause of Action

Is a set of facts or circumstances which, if supported by the evidence, will support the legal recovery asserted.


Chain of Title

Is a history or sequence of ownership in real property.


Chambers

The judge's office.


Chapter 7, 11, or 13

Refers to various provisions of the United States Bankruptcy Code serving different purposes for different types of debtors.


Charter

Is a formal grant of rights or privileges from a government body.


Chattel

Is an item of tangible personal property.


Chattel Mortgage Contract

A credit contract used for the purchase of equipment where the purchaser receives the title of the equipment upon delivery while the creditor holds a mortgage claim against it to secure payment of the purchase price over time.


Citation

Is a formal written notice requiring a person to appear and answer charges in a lawsuit.


Civil

Refers to all aspects of the law other than criminal laws.


Claim

The act of asserting a right or entitlement.


Claimant

Is a person or entity which brings or asserts a claim.


Class Action

Refers to a single lawsuit in which a number of similarly situated plaintiffs are grouped in order to assert the same or similar claims against the same defendant or defendants.


Closing

Refers to the completion of a transaction, especially in real estate, at which formal documents of title are signed and exchanged.


Cloud on Title

Is a claim asserted against real property which casts a doubt or questions the validity of the title of the current owner.


Codicil

Is an addition to, or amendment of, an existing Will.


Cohabitation

When a man and a woman live together in a relationship similar to marriage without married status.


Collateral

Is property that secures payment of a debt.


Commercial Loan

A loan usually issued to a business for a short term such as six months.


Common Law

Is the system of law which has developed over time through the court system and not based upon acts of the legislature.  Generally speaking, common law refers to the development of judge-made law in England and Great Britain, large portions of which were imported to the Original Thirteen Colonies and most of the rest of the United States.


Common Law Marriage

Generally speaking, is a form of marriage created when a man and a woman live together without a formal, ceremonial marriage, but call one another "husband and wife."  The requirements for common law marriage vary from state to state.


Community Property

Refers to ownership of property between a married couple in which one half of the income of each spouse belongs to the other spouse automatically.


Competent

Means sufficient mental capacity and age to make binding decisions about a legal matter.


Complaint

Is the initial pleading in a civil case.


Conciliation

An Alternative Dispute Resolution approach by which a mediator or neutral third party attempts to correct any misperceptions, reduce fears, and improve communications between disputants.


Conditional Sales Contract

A credit contract used for the purchase of equipment where the purchaser doesn’t receive the title to the equipment until the purchase price has been paid in full.


Consent

Means agreement or permission.


Consumer

Is a person or entity which purchases or leases goods or services.


Contempt

A finding by a judge of intentional disobedience or disregard for a judicial order.


Continuance

Is an order by a judge suspending or postponing the action in a case.


Contract

Any legally enforceable promise or set of promises.


Conversion

Refers to intentionally keeping the lawful owner from using or possessing his or her property.


Copyright

A legal protection used to secure the rights to original literary works, design logo, visual arts, and performance arts.  A person holding a copyright controls any future publication of such works.


Corporation

A legal form of organization that creates a separate legal entity guided by the directors and officers and owned by shareholders.


Cost-of-Living Lease

A lease where any yearly increases in rent are tied to the cost of living index.


Counterclaim

Is a cause of action asserted by a defendant against the party suing him or her.  Counterclaims sometimes arise out of the same facts as the underlying claim, in other circumstances, counterclaims can arise out of separate occurrences.


Covenant

Is a legally enforceable promise, especially regarding the use or restrictions on the use of real property.


Creditor

Is a person to whom money is owed.


Current Ratio

A ratio that determines the difference between a business’ total current assets and total current liabilities.


Custody

Means the immediate possession and control over a thing or person.


Damages

The sum of money sought by, or awarded to, a plaintiff because of the wrong which gave rise to the lawsuit.


Debtor

A person who owes money


Deceased

Means "dead."  In legal matters, it refers to the dead person, "the Deceased."


Decree

Is a document signed by a judge, declaring the finality of a legal action.  For example, a divorce decree announces that a divorce is final.


Deed

The formal instrument used to transfer an interest in property, especially real property, by a living person.


Quitclaim Deed

Is a deed conveying to another person whatever interest the owner may have in the property, without warranting that any interest is in fact owned


Warranty Deed

Is a type of deed which conveys ownership interest in real property and warrants title to the real property conveyed another claim of title.


Default

Refers to the failure to fulfill a legal obligation, especially failure to make timely payments on an installment note or contract.


Defendant

Is the person against whom a lawsuit is brought or against whom criminal charges have been filed.


Dependent

Is an individual who relies upon another for financial support, especially a child.


Deposition

Is an evidence discovery tool in which a witness is placed under oath and required to respond to questions from attorneys representing parties in the case.  It is recorded by a court reporter in place of that person's live testimony at trial or in addition to it.


Depreciation

The declining of value of fixed assets, such a equipment, used as a foundation for a tax deduction.  Depreciation can be based on either the declining-balance or the straight-line method.


Disbar

To revoke an attorney's license to practice law.


Disclaim

Means to waive a right or interest in property.


Disclosure Document Program

A form of protection that secures the rights to an idea while it is still in the developmental stage.


Discovery

Refers to a set of procedures, including both written and deposition procedures, used by parties to a lawsuit prior to trial in order to obtain additional information regarding the facts of the case.  Discovery generally includes Interrogatories, Requests to Produce Documents, and deposition testimony.  The precise procedures, time limits, and rules governing discovery vary from state to state.


Dismissal

Occurs when the trial court ends a case without a final judgment, like when the case has been settled.


Disposable Income

Any income that remains after taxes.


Dispute

A controversy or disagreement between two or more parties.


Divorce

Refers to the termination of a marriage, other than by death or annulment.


A Subpoena Duces tecum
Subpoena Duces tecum

Is a document that requires a party to produce documents or other items for inspection either at a deposition or a trial.


Duress

Is the use of, or threat of, force in order to make someone do something which they would otherwise not do.


Easement

Is the right to use or occupy some or all of another person's land for a limited purpose, such as providing access to other tracts of land or access to underground or overhead utilities.


Enjoin

Means to issue an injunction against, and thereby forbid, an action.


Equipment Loan

Any loan used to purchase capital equipment.


Equity Capital

A form of financial sourcing where the equity in a business is sold to private investors in exchange for working capital.


Estate

Is the term used to describe a person’s real and personal properties and other assets.


Et Al.

Is Latin for "and another."  It is used primarily to abbreviate lengthy case names with more than one party suing or being sued.


Et Seq.

Is Latin abbreviation used to indicate that a citation includes a number of pages or sections beyond the listed item.


Eviction

Is a landlord's cause of action to remove a tenant from real property, usually following a breach of a lease or the end of a lease.


Execute

Means to sign a legal document.


Executor

Is a person designated in a Will to administer the estate of the deceased.


Facilitate

To make communication easier and to make the atmosphere more conducive for agreement between disputing parties.


Federal

Means relating to the national government of the United States, as distinguished from state or local government.


Fictitious Name

The name under which the business will operate, other than the name of the principals or owner.


Fixed Expenses

Business expenses which do not change from one accounting period to the next based on sales volume.


Fixture

Is an article that is permanently attached to real property and is transferred with the sale of the property.  For example, a new furnace stays with the house.


Flat Lease

A lease where the rent remains the same for a specific period of time.


Foreclosure

Means termination of a property owner's right in the property.


401(K) Plan

A retirement plan for employees that allows contributions from paychecks to be held in a tax-sheltered account until retirement age.


Garnish

Means to take wages or other money or property owned by one person, but in the hands of another.


Grant

Means to transfer or bestow property or a right.


Habitable

Means that the property is fit to live in.


Hearing

Is a fact finding proceeding before a court in which testimony is taken and decisions are rendered, but not as big as a full-scale trial.


Hearsay

Is any statement made outside of court and offered into evidence in order to prove the truth of the content of the statement.  Generally, hearsay is inadmissible without an exception under the Rules of Evidence.


Heir

Is a person to whom a dead person's property will pass if the person died without a Will.


Implied

A conclusion suggested by conduct or circumstances, as opposed to explicitly stated.


Improvement

Is a permanent change in real property that increases its value, like the construction of a house.


Income Statement

A report of the sales and operating costs of a business over a specific period of time, usually a month.


In-Camera

Means proceedings before a judge in the judge's chambers and not in open court.


In Loco Parentis

Is a term which literally, it means "in the position of the parent."  It describes a person who has assumed the rights and responsibilities of a parent, either temporarily or permanently.


Incapacitated

Refers to when a person who does not have the physical or mental capability to handle his or her own affairs.


Indemnify

Means to reimburse a person for losses the person paid.


Insolvent

Means one is unable to pay debts in the ordinary course of business as they become due.


Instruction

Is a judge's oral or written directions to a jury, sometimes including definitions of legal terms.


Interrogatory

Is a set of written questions required to be answered within a particular time period.


Intestate

Means dying without a valid Will.


Investment Turnover

A measure used to evaluate the profitability and number of times per year that the total investment or business assets turn over.


J.D.

Is an abbreviation for the Latin term "juris doctor," the degree granted upon graduation from law school.


Joint

Refers to two or more persons acting and being dealt with together, like in "joint custody," "joint liability," "joint account."


Judgement

Is the final decision rendered by a court.


Jurisdiction

Refers to the power and authority of a court to act over a certain case or within certain geographic boundaries.


Jury Charge

Is the set of questions and instructions given to the jury to assist them in reaching a verdict.


Landlord

Is a person who grants a lease interest in real property.


Lease

Is the granting of temporary possession which does not actually grant title of ownership in property, usually in exchange for the payment of rent.


Leasehold Improvements

The repairs and improvements made to a facility, usually by the landlord before the tenant moves in.


Liability

Means the civil legal responsibility for damages arising out of one's conduct.


Lien

Is a security interest granted by a debtor to a creditor in order to secure the debt.


Litigation

The formal legal process of settling a dispute through the court system.


Living Will

Is the formal written instrument in which a person instructs future health care providers as to the medical measures he or she wants taken or not taken in the event of terminal illness, permanent unconsciousness, or incapacity.


Maintenance

Refers to money for basic living expenses, including food, shelter, and clothing, paid by one spouse to another spouse during a period of separation or divorce.


Malpractice

Means negligence on the part of a professional, like a doctor or a lawyer, in failing to live up to reasonable standards of professional conduct.


Management

The process of planning, organizing, directing, and controlling events and personnel to achieve the goals of your organization.


Market

The target customers to whom you wish to sell your product.


Market Survey

A research method used to obtain market information to define the appropriate marketing mix.


Market Value

Means the price paid by a willing buyer to a willing seller when neither is forced to buy or sell.


Marketing Mix

The working together of Product, Price, and Promotion that enables your business to satisfy your target market.


Markup

The portion of the sales price above the cost of the goods that produces the desired profit.


Marriage

Is the legal relationship between a husband and a wife.


Media Plan

A plan the details the costs, running dates, markets, reach, frequency, and strategies of an advertising campaign.


Mediation

A process in which an impartial third person, the mediator, facilitates communication between parties to allow reconciliation, settlement, or understanding among the disputing parties.


Mediator

A neutral third party who is trained to facilitate communication between disputing parties to help them reach a voluntary resolution of the dispute.  The mediator is not empowered to render a decision but may offer suggestions for the settlement of the dispute.


Minor

Is a person who has not yet reached the legal age of maturity.


Mistrial

A trial that fails to end in a judgment, decision, settlement, or verdict, as in a hung jury.  A mistrial usually results in the need to retry the case.


Modified Accelerated Cost Recovery System (MACRS)

An accounting system used to define for tax purposes the rate at which a fixed asset will be depreciated over time.


Negligence

Means the failure to live up to a standard of care.


Negotiation

The direct give and take process of working out and agreement between two parties.


Net Leases

A lease in which rent is calculated based on a formula.  There are three basic net leases:  A regular net lease which charges rent plus an additional charge for taxes;  A double-net lease which charges base rent plus an additional charge for taxes and insurance; and a triple-net lease which charges base rent plus an additional amount for taxes, insurance, and common area expenses.


Notary Public

A person authorized by the government of a state or country to administer oaths and affirmations, to take acknowledgements, and to verify or authenticate signatures.


Objection

Is a formal statement or notice indicating that the person believes procedural or evidentiary rules have been violated.  Objections at trial pertain to particular questions, answers, or procedures and are ruled on by the trial judge.


Occupational Safety and Health Act (OSHA)

A federal law requiring all employers to provide employees with a safe workplace.


Opening Statement

Is the lawyer's statement to the judge or jury prior to the presentation of any evidence.


Order

Is a ruling or direction of the court making a determination on questions presented and, sometimes, compelling a party or parties to act accordingly.


Overhead

Non-labor expenses required to operate a business.


Palimony

Means financial support that is like alimony, paid at the breakup of an unmarried couple who had previously lived together.


Paralegal

Is a non-lawyer employed to assist a lawyer, performing a variety of tasks in the preparation of documents or the preparation of a case for trial.


Parental Kidnapping

The taking of a child by one parent in order to inhibit or prevent visitation by, or custody rights granted to, the other parent.


Parol Evidence

Oral evidence regarding the discussions and negotiations which surrounded an agreement prior to the agreement being reduced to writing.


Partnership

Is an association of two or more persons or entities which carry on business for profit in which profits and losses are divided between the partners.


Patent

A form of regulation that provides for exclusive rights for the person or legal entity holding the patent to exclude others for making, using, or selling the patented concept or invention for the duration of the patent.  The three types of patents are: design, plant, and utility.


Paternity suit

A legal proceeding brought to establish that a child is the biological offspring of the defendant.  Paternity suits may be brought by to obtain child support or to enforce visitation rights.


Payee

Is a person to whom money is paid, especially based on a written instrument, such as a check.


Percentage Lease

A lease where rent is calculated by adding base rent and additional percentage of any profits produced by the business tenant.


Perjury

Is the crime of making false statements under oath.


Personal Loans

Loans that are extended because of the personal creditworthiness of the borrower.


Petition

Is the initial document filed to start a lawsuit.


Plaintiff

Is the person who starts a lawsuit by seeking to recover for damages.


Pleading

Consist of formal documents a party files in order to bring matters to the attention of the judge.


Postnuptial Agreement

Is a contract or agreement between two people who are married to each other.


Pour-Over Will

Is a Will designed to transfer the dead person’s estate into an existing trust.


Power of Attorney

Is a written instrument giving a person the authority to legally bind another person or to legally act on behalf of the other person.


Premium

Is money paid to an insurance company in order to secure a policy.


Prenuptial Agreement

Is a contract or agreement between two persons who are about to marry regarding the topics, such as or division of their property.


Preponderance of the Evidence

Refers to the lowest standard of evidence, generally used in civil cases and traditionally defined as the greater weight or degree of the credible evidence introduced.


Price Fixing

The illegal setting of prices by cooperating sellers that results in a non-competitive market.


Principal

Is a person who authorizes someone else (an agent) to act on the principal's behalf.


Pro Bono Publica

Is a term used to describe actions taken by lawyers without payment, in order to provide legal services to those who might otherwise not obtain sufficient legal counsel.


Pro Se

In Latin, literally means, "for himself." It is the act of representing yourself without an attorney.


Probate

Is a judicial proceeding in which a Will is proved and the estate of the deceased is distributed.


Product Life Cycle

The various stages that a product goes through, including:  introduction, growth, maturity, and decline.


Protective Order

Is an order of the court prohibiting a party from engaging in burdensome or harassing acts.


Quiet Title

Refers to an action filed to resolve disputes regarding ownership of real property.


Quitclaim

Refers to a document evidencing that a person has abandoned any right to property.


Rebuttal

Is an argument made after the opponent has presented his or her evidence, it's used to attack the opponent's evidence or argument.


Recess

Is a short break in the trial.


Release

Is a document stating that a party has been relieved of any further legal obligation or liability.


Relevant

Refers to the evidence which tends to support or disprove the actual issues in a case.


Remittitur

Is an order reducing the amount of damages awarded by a jury.


Remove

Means to transfer a case from one court to another, especially to transfer a case from state court to federal court.


Render

Means to announce.


Repossess

Means to take back property because the buyer failed to meet his or her obligation to pay for the property.


Restructuring

Transforming a troubled or failing company by replacing and incompetent management, introducing new technology, or selling non-profitable divisions.


Return On Investment (ROI)

A profitability measure that evaluates the performance of a business by dividing net profit by total assets to determine the percentage of return to the investor.


Return on Owner's Equity

A profitability measure used to determine the earning power of the owner’s equity in a business by dividing the average equity investment of the owner by the net profit.


Revoke

To nullify, or void, something which a person has done.  For example, to revoke a will or to revoke a contract.


Security

Is property given or pledged to assure the repayment of a debt.


Segmenting

The act if dividing a particular market into smaller, similar groups to be separately targeted for sales.


Settle/Settlement

Means to arrive at an agreement in order to resolve a dispute.


Settlor

Is the person who creates a trust by transferring property to a Trustee for the use and benefit of a third person, called a beneficiary.


Sexual Harassment

Refers to the bothering an employee based upon his or her gender.


Slander

Means to make untrue statements that tend to harm a person's reputation.


Sole Proprietorship

A business entity in which the business has only one owner.  Unlike a corporation, the sole proprietorship is not a separate entity from the owner.


Stand

In a courtroom, is the place where a witness sits while he or she is testifying.


Statute

Is a written law enacted by Congress or a state legislature.


Statute of Limitations

The time limit in which a case must be filed.


Step Lease

A lease which has annual increases in the tenant’s base rent based on an approximation of future expenses.


Strategic Business Unit (SBU)

An organizational unit specializing in a particular market or function and treated as a separate profit center within the overall business.


Strategic Planning

Long term planning and development of specific plans for the purpose of achieving the mission of the organization.


Subchapter S

A particular type of corporation recognized in the tax laws which allow the corporation to pay out all income and share all losses proportionately to its shareholders, who then claim the income or loss on their personal income taxes.


Sublease

Is a lease granted by one person to another when the first person himself only has a lease interest.


Subpoena

Is a document ordering person to appear in a court proceeding or deposition to produce evidence or give testimony.


Target Market

A specific group of similar customers to whom a company wants to market its product.


Tenant

Is a person who has a right to use or possess real property, usually pursuant to a lease, and usually granted in exchange for the payment of rent.


Testify

Means to give evidence under oath, usually at a trial, hearing, or deposition.


Title

A title is a document reflecting ownership rights regarding real property.


Tort

Is a wrongful act against another person.


Trademark

A legally registered symbol, word, or mark protected for use exclusively for the identification of a product or company.


Trust

Is an arrangement in which one person, the "Trustee," holds property for the benefit of another person or persons, the beneficiaries.  The Trustee must safeguard and manage the trust property in accordance with the provisions and intent of the trust.


Trustee

Is the person who holds property in trust for the use and benefit of beneficiaries.


Uniform Commercial Code

Is a lengthy set of statutes adopted that is almost identical in every state except Louisiana.  Basically, it establishes a uniform, consistent format for commercial transactions.


Unit-Control System

A system used in inventory management that maintains inventory records using bin tickets and scheduled physical inventory checks.


Variable Expenses

Business costs that can change from one accounting period to the next based on sales volume.


Venture Capital

A financing source that is based on allowing private investors to have equity positions within the business in exchange for working capital.


Verdict

Is the jury's decision in a case, usually given as answers to a set of questions prepared by the court.  The set of questions is known as the court's charge.


Verification

Means a statement affirming or swearing to the truth of the factual allegations made in a written document.


Void

Means that something has no legal effect at all.


Voir Dire

Is the questioning of potential jurors in order to determine whether or not they are biased or prejudiced.


Waive

Is to knowingly give up a legal right or claim.


Warranty

Is a legally binding statement as to the quality of goods or services.


Will

Is a person's declaration, usually in writing, describing the person's directions for the distribution of his or her property after his or her death.


Workers' Compensation

An insurance fund to reimburse employees for injuries suffered on the job, usually regardless of fault or liability.


Working Capital

The net current assets that are required by the company to carry on with its current work, consisting of the surplus of the firm’s current assets over its current liabilities.


Wrongful Death

Is an action brought by close relatives of someone who has died, claiming that the death was the Defendant's fault.


Wrongful Discharge

Refers to the firing or laying off an employee for an illegal reason or in an illegal manner.


Zoning

Refers to the restrictions on the use of real property based upon the area in which it is located and the uses of surrounding property.