Glossary
Terms starting with L
653 definitions · page 4 of 11.
- Legal Terms Mens Rea
- Mens Rea information: Guilty mind, this is the mental state required in virtually all criminal cases.
- Legal Terms Merger
- Merger information: The combining of two business interests by combining assets and joining management together.
- Legal Terms Mineral Rights
- Mineral Rights information: A property interest. This is the right to the minerals found on or below a piece of real estate. The interest can be sold, leased, etc.
- Legal Terms Miranda Warning
- Miranda Warning information: Miranda was the defendant in a case wherein a confession should have been suppressed because it was not voluntary. Since that case it has been routinely required that custodial interrogation may not take place without a prior…
- Legal Terms Misfeasance
- Misfeasance information: Misuse of office
- Legal Terms Mistrial
- Mistrial information: A declaration by the trial judge that brings a trial to a halt, other than on the merits, because of some error that has occurred before the jury.
- Legal Terms Model Penal Code
- Model Penal Code information: A comprehensive model criminal code that was written by law professors and that has been adopted in whole or in part in many jurisdictions, making the criminal law a more modern uniform system.
- Legal Terms Modified Accelerated Cost Recovery System (MACRS)
- Modified Accelerated Cost Recovery System (MACRS) information: In Tax Law and in accounting matters, MACRS is a depreciation method, or system, in popular use since 1986, that allows businesses to write off, or depreciate non real estate property, faster…
- Legal Terms Monopoly
- Monopoly information: A company that is so large, or so placed, that it has control over a market or commodity, such that it can set prices and make unfair its competition.
- Legal Terms Month to Month Tenancy
- Month to Month Tenancy information: A short term lease of real property, that renews for additional months unless terminated.
- Legal Terms Mortgage
- Mortgage information: A loan for the purchase of a home, where the home itself is used as collateral.
- Legal Terms Motion
- Motion information: A written request from a party for a specific action by the judge.
- Legal Terms Multiple Listing Service (MLS)
- Multiple Listing Service (MLS) information: An agreement among real estate agents whereby information is shared in order to facilitate contact between buyers and sellers.
- Legal Terms Multiple Support Agreement
- Multiple Support Agreement information: In Tax Law and in divorce matters, a multiple support agreement is simply a written document that declares which of two or more persons may claim another person as a deduction (as a dependent) even though they each…
- Legal Terms Murder
- Murder information: Most jurisdictions define Murder by degree. It is basically knowingly causing the death of a person after deliberating upon the matter. Murder generally is broken up into degrees. See First Degree Murder and Second Degree Murder.
- Legal Terms Narcotic
- Narcotic information: Drug that dulls the senses or that causes sleepiness.
- Legal Terms National debt
- National Debt information: Money borrowed by a government, or owed to the people.
- Legal Terms Necessaries Statute
- Necessaries Statute information: This codifies the old common law doctrine of necessaries where it was held generally that a husband, or a father, was liable to pay for goods sold to his wife or children that are necessary to sustain their lives. Modernly…
- Legal Terms Negative Pregnant
- Negative Pregnant information: In pleading practice, this is an averment that denies but admits some of the allegations. A negative statement that implies an affirmative. Absurdly, "I didn't do it, but I wasn't the only one!"
- Legal Terms Negligence
- Negligence information: The failure to do something, or doing something wrongly, such that a reasonable person would have acted differently, such that a person is injured. Negligence cases are civil matters where there is a breach of a duty owed to another…
- Legal Terms Negotiable Instrument
- Negotiable Instrument information: Any instrument, containing a contract to pay money, or any other negotiable security representing money, which is in a form capable of being sued on by the holder, in his own name and, and that is transferable by custom of…
- Legal Terms Net Estate
- Net Estate information: Estate property left after payment of debts and funeral expenses, and any other appropriate charges.
- Legal Terms Net Lease
- Net Lease information: A Net Lease is one that requires the tenant to bear many of the costs associated with the rented property, such as real estate taxes, maintenance, utilities and insurance.
- Legal Terms Next Friend
- Next Friend information: One appointed by a court to represent a child or minor in prosecution of a cause of action. Usually governed by court rule.
- Legal Terms No Contest
- No Contest information: In criminal law, a pleading by a defendant that does not admit the charge but acknowledges that the charge would likely be proven. The charges are therefore not contested.
- Legal Terms Nolle Prosequi
- Nolle Prosequi information: Where the prosecutor formally declares that he or she will no longer prosecute a particular case.
- Legal Terms Nolo Contendre
- Nolo Contendre information: Where the defendant literally does not contest the charges.
- Legal Terms Nominal Damages
- Nominal Damages information: A small sum awarded to plaintiff in a civil case but may be support for a larger punitive damage award.
- Legal Terms Short Term Loan
- Short Term Loan Information: A short term loan gets it name from the fact that it is financing meant to span a financial gap of short duration, usually less than one year. Interest rates may be higher on short term loans and less security may also be…
- Legal Terms - Income Tax Evasion
- Income Tax Evasion information: The intentional attempt to not pay a tax otherwise due by using tax planning devices and schemes to circumvent the tax code. Income tax evasion is a crime and has both civil and criminal penalties.
- Legal Terms - Internal Revenue Code
- Internal Revenue Code Information: The Internal Revenue Code, sometimes called the tax code, is the large body of statutes and regulations that make up the United States Tax law. Each time a tax law is changed it becomes part of the body of the Internal…
- Legal Terms - Judgment Notwithstanding the Verdict (JNOV)
- Judgment Notwithstanding the Verdict (JNOV) information: This occurs when the judge enters a judgment nullifying a jury verdict, otherwise proper, because the judge believes the jury got it way wrong.
- Legal Terms - Jurisdictional Amount
- Jurisdictional Amount information: Some jurisdiction is limited by the size of the case at issue. For example, a small claims court has no jurisdiction to make an award above the small claim limit. Similarly, there are thresholds in some courts where the…
- Legal Terms - Non Dischargable Debt
- Non-Dischargable Debt information: A debt that may not be discharged, even in bankruptcy, such a student loan.
- Legal Terms - Non Disclosure Agreement
- Non Disclosure Agreement information: An agreement to keep a matter secret. This is very common in settlements in civil matters.
- Legal Terms - Notary Seal or Stamp
- Notary Seal or Stamp Information: The notary public will use an embosser of some sort, either a notary seal or a notary stamp, to imprint a document that has been notarized. Since a notary is a public officer appointed under State law administer an oath, to…
- Legal Terms - Novation
- Novation information: The substitution of a new contract for an old one, or one party for a new one.
- Legal Terms - Nuisance
- Nuisance information: A condition on property, or a use of property that interferes with a neighboring owner’s ability to enjoy their property.
- Legal Terms - Objective Theory of Contract
- Objective Theory of Contract information: A doctrine of contract interpretation that looks to the contract itself for meaning, rather that giving weight to any subjective notions, such as the concept that minds must meet in order to contract. The corollary…
- Legal Terms - Obligation
- Obligation information: A person has an obligation where he or she must (or should) perform some act, or not perform some act, based on a moral or legal duty.
- Legal Terms - Obligee
- Obligee information: In contract law, the obligee is the person to whom an obligation is owed.
- Legal Terms - Obligor
- Obligor information: In contract law, the obligor is the person that owes or is obligated to another.
- Legal Terms - Obscene
- Obscene information: Material that is extremely offensive when considered in light of contemporary community standards or morality and decency. Gross and repugnant. Obscene is a difficult term to precisely define. One Supreme Court Justice actually wrote in…
- Legal Terms - Occupational Safety & Health (OSHA) Act
- Occupational Safety & Health (OSHA) Act information: Federal law governing some aspects of safety in some workplaces.
- Legal Terms - Offer
- Offer information: To bid or present an opportunity for another to accept a proposition. Significant in contract law.
- Legal Terms - Offer in Compromise
- Offer in Compromise Information: In tax law, an Offer in Compromise is a good faith proposal made by a taxpayer that is allegedly in arrears to the IRS. The proposal is made directly to the IRS and is an effort to dispose of an unpaid tax liability…
- Legal Terms - Offer of Proof
- Offer of Proof information: In evidence law, where the judge denies admission of certain evidence, the proponent may request to make an offer of the evidence to the court on the record, outside the hearing of the jury.
- Legal Terms - Offshore Bank Account
- Offshore Bank Account Information: This is an account that is housed in a financial institution located outside the jurisdiction of the US Banking System and its regulations. Investment products that are sold in the US by the offshore bank are subject to US…
- Legal Terms - Offshore Company
- Offshore Company Information: A US business concern that is organized and incorporated outside of the US is called an Offshore Company or Offshore Corporation. The distinction applies even though all or most of the company's business activities occur inside…
- Legal Terms - Online Broker
- Online Broker Information: An online broker will include all brokerage houses that execute buy and sell trade orders for their customers over the internet. Online Brokers generally do not offer many of the research tools or financial advice that may be…
- Legal Terms - Online Trading
- Online Trading Information: Online trading is simply a term that describes the buying and selling of securities and investment products by computer over the internet rather than transacted at a more traditional brokerage office. Online trading will occur…
- Legal Terms - Opening Statement
- Opening Statement information: Comments of an attorney addressed to a jury or judge at the beginning of a trial, meant to acquaint the jury with the case and the evidence that the party expects to prove.
- Legal Terms - Opinion Testimony
- Opinion Testimony information: Evidence that is based not on direct contact with an event, but based on belief. There are many situations where opinion testimony may come into evidence, but on ultimate issues, opinions will not suffice. Expert witnesses are…
- Legal Terms - Order
- Order information: A court directive to a party. A ruling on a motion. A judgment.
- Legal Terms - Order to Show Cause
- Order to Show Cause information: An order directing a party to come into court and show a reason the court should not enter further orders of judgment against that party.
- Legal Terms - Ordinance
- Ordinance information: A law or statute, usually made by the legislative body of a municipality.
- Legal Terms - Ordinary Income
- Ordinary Income information: A tax law concept. Wages, interest, net income from a business, and dividends are basically all lumped into what is deemed ordinary income. Income that does not qualify as a capital gain is ordinary income.
- Legal Terms - Overreaching
- Overreaching information: Taking unfair commercial advantage of a situation, particularly by fraudulent means. Overreaching is essentially going too far and applies precisely when the going too far ruins the advantage, such as killing the goose that laid the…
- Legal Terms - Own Recognizance
- Own Recognizance information: Release from custody on the Defendant's own word that he or she will return when summoned to future hearings.
- Legal Terms - Owners' Equity
- Owners' Equity information: An asset, which is the portion of a property that the owner has interest in free of any debt or encumbrance. Value of the property minus the debt on the property equals the owners' equity in the property.