Week One Flashcards
Ab initio
From the (it’s) beginning. An act made void ab initio is deemed to have never had legal effect at any time.
Accede
To consent, agree or acquiesce
Acceptance
To receive with approval or satisfaction. Acceptance (without condition or qualification) of an offer, consideration, results in a contract, under the doctrine of “offer and acceptance.” Generally, acceptance is either (a) express (or absolute) ; (b) conditional ; (c) implied; or (d) qualified
Accommodation
Arrangement made as a favor to another, within consideration in return.
Accrue
To arise, happen, coke into being. To become due.
Advance
Payment made prior to the time when it is legally due.
Alienation
Transfer of title to property, voluntarily and completely. The right of alienation - i.e., the right to lawfully dispose of ones own property -is a fundamental right.
Ambiguity
That satisfaction which exist when contract language is subject to more than one legitimate interpretation, so that it’s intended meaning and effect is uncertain
American rule
Doctrine which provides that, in United States, each party to a lawsuit must bear the expense of its own attorneys fee unless there is a contract which specifically provides for recovery of such fees, or a statue which authorizes an award of attorneys fees for the particular cause of action pled proven
As is
In sales contracts, the statement that the subject matter is being conveyed in whatever condition it may then have, with the conveying party making no warranty as to its condition or suitability, and with the purchaser assuming all risk in regards to its usability
Audiovisual
Referring to a work compromised of both sounds and visual images, such as a motion picture or music video.
Bonus
A non refundable, non recoupable payment which is not deducted from or credited towards earned royalties.
Cap
Common term for maximum, usually established within a contract by a statement that some calculated payments or accumulation of payments, will be for no more than a fixed sum or percentage.
Caveat
A warning. Literally, beware!
Concurrent
At the same time.
Constitution
The fundamental, underlying agreement which forms the foundation for all laws and government operations.
Construction
The act of interpreting, analyzing, and determining the intended meaning of a legal writing such as a contract or statute
Contingency
Some eventuality which might not occur, but for which some pre-planning is nonetheless prudent.
Covenant
An enforceable promise, generally memorialized within a contract or recorded instrument
Discretion
The power of a judge, public official or a private party to make a decision based upon a personal perception rather than upon some strict rule. What one may do(discretionary), as distinguished from what one shall do(non-discretionary).
Entity
Generic term for any “person,” including a corporation, partnership, institution, company, or other form of recognized existence
Equity
- (business) An ownership interest in a business.
- (business) Difference between value of property and debt accrues against that property.
- (Law) Justice administered by court, without jury, according to principles of fairness as distinct from strict adherence to a statute or common law. Denotes actions in conformity with the spirit of justice and fairness. Actions in equity include declaratory relief and other “Equitable” remedies
Express
Actually stated in direct, unambiguous, distinct language.
Full faith and credit
Article IV, section 1 of United States Constitution requiring each state to accept act of each other state as proper and lawful
Gamut
The entire range or scope of something. Contraction of gamma-it derived from gamma used to represent the lowest musical tone on the scale.
Genre
Type or kind. A style or category of artistic composition, marked by a distinctive form, content, or intended audience.
Germane
Relevant; pertinent; applicable.
Habeas corpus
“You have the body”. Proceeding to compel a judicial determination as to the legal sufficiency of due process. The right to habeas corpus was considered so essential that it is the only specific individual right included within the body of the constitution, rather than within the subsequent Bill of Rights (Amendments I through X)
