General terms Flashcards
Grievance
Complaint
Absenteeism
Practice of staying away from work, often without a good reason
To arbitrate
To try to settle a disagreement between people
Sleeping partner
A partner who does not actively take part in business
Holding company
Hold more than 50% of the shares of another company
To repeal
To make an official statement that smth is not legally valid anymore
To stop
to avert
To tell off
reprimand
To waive
to not use all the rights one has
Clearly defined
Borne
Hereinabove
Previously in this document
Hereinafter/ hereunder
Hereafter
- Later referred to in this matter of document
- From now on or at some time in the future
Heretofore
before now
Proprietor
Owner
Memorandum
written record
Duress
when one party induces the other into entering a contract using threat, violence, economic pressure etc
Damages
money awarded by a court in compensation for loss or injury
Indemnify
to compensate for damage or loss OR to protect against damage
Lien
Encumbrance
Type of encumbrance. Right to keep debt until its paid.
- A liability such as a mortgage or charge which is often attached to a property or a piece of land
Hold harmless
will not sue the other party
Blue chip
a share in a large and relatively safe company
Foreclosure
A transfer of ownership
Reciprocal
given and received in return
Usury
A practice of making unethical or immoral loans that unfairly enrich the lender. (Very high interest rate)
Statutes
Law enacted by a legislative body
Ordinance
Law enacted by a city, town or local government
Administration
A business that is in the hands of a trustee, who must act in the interests of the creditors.
Adverse material breach
A breach usually so significant that it leads to the right to terminate the contract
Assignment (Assignor - Assignee)
the unconditional legal transfer of the ownership of something.
Avoidance of doubt
to make absolutely clear
Best endavours
using every reasonable course of action available to make sure that something is achieved.
Breakdown
An itemised list that shows how total was reached
Conditions precedent
A pre-contractual conditions. (unless/if this happens..)
Construed
interpreted
Consideration
The thing that each party give/ exchange within an agreement
Derivative
Something that has been produced or developed from smth else
Discharged
Obligation has been fulfilled or does not exist anymore
Joint and several
nature of liability where on of the parties to a contract comprises more than on person (e.g Party A is one person, Party B partnership of 3 people)
To levy
To impose and collect tax
Force Majeure
An event such as hurricane or tornado etc that prevents one party from carrying out obligations under a contract
Forfeit
to lose a right to do or have something because you have broken a rule
Goodwill
Financial value put on business due to its good reputation
Grounds
legal reasons
Injunction
official order from a court for a person to stop doing smth or not do it at all
