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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