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Most Popular Legal Definitions
book value
A determination of the value of a corporation's stock by adding up the stated
value of corporate assets as shown on the books (records) of a corporation and
deducting all the liabilities (debts) of the corporation. This may not be the
true value of the corporation or its shares since the assets may be under- or
over-valued.
discretionary trust
A trust in which the settlor has given the trustee full discretion to decide
which (and when) members of a group of beneficiaries is to receive either the
income or the capital of the trust.
principal
The person for whom an agent has received
instruction and to whose benefit the agent is expected to perform and make
decisions.
class
in legal terms, all those persons in the same category, level of rights, or who
have suffered from the same incident
crumbling skull rule
a legal theory, companion to the thin skull rule, which limits a tort
defendant's exposure to a plaintiff's injuries to the plaintiff's condition at
the time of the tort
corollary relief
relief sought from a Court which is incidental or consequential to another
principal relief
kin
A blood or marriage relative; 'next of kin' refers to the closest relative
comparative negligence
a principle of tort law which looks at the negligence of the victim and which
may lead to either a reduction of the award against the defendant, proportionate
to the contribution of the victim's negligence, or which may even prevent an
award altogether if the victim's negligence, when compared with the defendant,
is equal to or greater in terms or contributing to the situation which caused
the injury or damage
arbitrary
not supported by fair or substantial cause or reason; most often it is used in
reference to a judge's ruling
devise
transfer or conveyance of real property by will