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Most Popular Legal Definitions

bankruptcy

federal system of statutes and courts which permits persons and businesses which are insolvent (debtors) or (in some cases) face potential insolvency, to place their financial affairs under the control of the bankruptcy court; the procedure is that when the debtor's debts exceed their assets or ability to pay, the debtor can file a petition with the bankruptcy court for voluntary bankruptcy or the debtor's unpaid creditors can file an "involuntary" petition to force the debtor into bankruptcy, although voluntary bankruptcy is far more common

arbiter

in some jurisdictions, the name for a referee appointed by the court to decide a question and report back in court, which must confirm the arbiter's finding before it is binding on the parties

fair market value

The hypothetical probable price that could be obtained for a property.

leading question

A question which suggests an answer; usually answerable by yes or no.

lemon laws

state laws the ensure a certain degree of quality to consumers when purchasing a car; generally, if repairs can not be made within a specific time constraint, the consumer is to be refunded or compensated for original purchase price 

prison

a place in which individuals are confined, maintaining limited rights in comparison to free individuals

perjury

An intentional lie while under oath or in a sworn affidavit.

inure

 To take effect.

out-of-court settlement

An agreement between two litigants to settle a matter privately before the court has rendered its decision.

contingency fee

a method of payment of legal fees represented by a percentage of an award