fail position
fail position. A situation existing when, after all transactions in a security have been netted out, a broker owes another broker more securities than it has coming in from other firms.
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runaway grand jury
A grand jury that acts essentially in opposition to the prosecution, as by perversely failing to return an indictment that the prosecution has requested.
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perfect tender rule
perfect-tender rule. Commercial law. The principle that a buyer may reject a seller’s goods if the quality, quantity, or delivery of the goods fails to conform precisely to the contract. • Although the perfect-tender rule was adopted by the UCC (§ 2-601), other Code provisions — such as the seller’s right to cure after rejection
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quibus non existentibus
quibus non existentibus (kwib-[schwa]s non ek-si-sten-t[schwa]-b[schwa]s). [Latin] Scots law. Whom failing. • In a disposition, this phrase appeared in reference to one or more who never existed. Cf. QUIBUS DEFICIENTIBUS.
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grand jury
grand jury. A body of (often 23) people who are chosen to sit permanently for at least a month — and sometimes a year — and who, in ex parte proceedings, decide whether to issue indictments. See Fed. R. Crim. P. 6. • If the grand jury decides that evidence is strong enough to hold
suretyship
suretyship. 1. The legal relation that arises when one party assumes liability for a debt, default, or other failing of a second party. • The liability of both parties begins simultaneously. In other words, under a contract of suretyship, a surety becomes a party to the principal obligation. — Also termed (archaically) pledgery. [Cases: Principal
quibus deficientibus
quibus deficientibus (kwib-[schwa]s di-fish-ee-en-ti-b[schwa]s). [Latin] Hist. Scots law. Who failing. • In a disposition, this phrase appeared in reference to one or more who succeeded to an estate and then died. Cf. QUIBUS NON EXISTENTIBUS.
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carelessness
carelessness, n. 1. The fact, condition, or instance of a person’s either not having done what he or she ought to have done, or having done what he or she ought not to have done. 2. A person’s general disposition not to do something that ought to be done. “The word ‘carelessness’ as a synonym
ignoratio elenchi
ignoratio elenchi (ig-n[schwa]-ray-shee-oh e-leng-kIor ig-n[schwa]-rah-tee-oh i-leng-kee). [Law Latin “ignorance of the conclusion to be proved”] An advocate’s misunderstanding of an opponent’s position, manifested by an argument that fails to address the opponent’s point; the overlooking of an opponent’s counterargument. • This fallacy of logic often involves an advocate’s trying to prove something that is immaterial