seniority. 1. The preferential status, privileges, or rights given an employee based on the employee’s length of service with an employer. • Employees with seniority may receive additional or enhanced benefit packages and obtain competitive advantages over fellow employees in layoff and promotional decisions. 2. The status of being older or senior.
arbitrage (ahr-b[schwa]-trahzh), n. The simultaneous buying and selling of identical securities in different markets, with the hope of profiting from the price difference in those markets. — Also termed space arbitrage. [Cases: Securities Regulation 53.17(4). C.J.S. Securities Regulation § 153.] — arbitrager (ahr-b[schwa]-trazh-[schwa]r), arbitrageur (ahr-b[schwa]-trah-zh[schwa]r), n. covered-interest arbitrage. The simultaneous investment in a currency and
rule of the floating subtrahend. The common-law doctrine that a plaintiff whose damage was not caused entirely by the defendant must prove the amount of damage that is not attributable to the defendant (the subtrahend) or else recover nothing. • The reasoning behind the rule is that damage is an essential element of a tort
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A job in which the essential terms and conditions of the employee’s work are controlled by two or more entities, as when a company hires a contractor to perform a task and retains control over the contractor’s employees in matters such as hiring, firing, discipline, conditions of employment, promulgation of work rules, assignment of day-to-day
A party wall that has stood for at least 20 years, thus giving each party an easement right to refuse to allow the other party to remove or substantially change the wall.
chain of custody. 1. The movement and location of real evidence, and the history of those persons who had it in their custody, from the time it is obtained to the time it is presented in court. [Cases: Criminal Law 404.30; Evidence 188. C.J.S. Criminal Law § 846; Evidence §§ 789–791, 794, 796.] “Chain of
trade dress. Trademarks. The overall appearance and image in the marketplace of a product or a commercial enterprise. • For a product, trade dress typically comprises packaging and labeling. For an enterprise, it typically comprises design and decor. If a trade dress is distinctive and nonfunctional, it may be protected under trademark law. — Also
misappropriation theory. Securities. The doctrine that a person who wrongfully uses confidential information to buy or sell securities in violation of a duty owed to the one who is the information source is guilty of securities fraud. [Cases: Securities Regulation 60.28(2.1). C.J.S. Securities Regulation §§ 179, 182.]
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lake, n. 1. A large body of standing water in a depression of land or basin supplied from the drainage of an extended area; esp., a natural depression in the surface of the earth containing a reasonably permanent body of water that is substantially at rest. [Cases: Waters and Water Courses 108. C.J.S. Waters §§
Procedure. A civil proceeding that is conducted in conformity with the rules of a criminal proceeding because a penalty analogous to a criminal penalty may apply, as in some juvenile proceedings. • For example, juvenile delinquency is classified as a civil offense. But like a defendant in a criminal trial, an accused juvenile faces a
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