pair. Parliamentary law. Two voters, usu. legislators, on opposite sides of an issue who agree that they will abstain if either cannot vote on the issue. • A pair is usu. announced and recorded. “In a legislative body it is a rule that no member can vote who is not present when the question is […]
As a test of liability for negligence, the degree of care that a prudent and competent person engaged in the same line of business or endeavor would exercise under similar circumstances. — Also termed due care; ordinary care; adequate care; proper care. See REASONABLE PERSON. [Cases: Negligence 233. C.J.S. Negligence §§ 34, 118–121, 125–127, 130–131,
LL.B.abbr. Bachelor of Laws. • This was formerly the law degree ordinarily conferred by American law schools. It is still the normal degree in British law schools. Cf. JURIS DOCTOR.
An auction at which two or more bidders have agreed in advance not to bid against one another. • At common law, knock-out auctions were not forbidden, on grounds that a person could not be constrained to make an offer. But most jurisdictions now have statutes that (1) forbid dealers (those who buy at auctions
integration clause. A contractual provision stating that the contract represents the parties’ complete and final agreement and supersedes all informal understandings and oral agreements relating to the subject matter of the contract. — Also termed merger clause; entire-agreement clause. See INTEGRATION(2); PAROL-EVIDENCE RULE. [Cases: Contracts 245; Evidence 397(2). C.J.S. Contracts § 416; Evidence §§ 1159–1160,
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An agreement to indemnify for any loss from an event that occurs within the policy period, regardless of when the claim is made. [Cases: Insurance 2264. C.J.S. Insurance § 429.]
audit privilege. In an intellectual-property license agreement, the right of the licensor to inspect the licensee’s books and records. — Also termed audit rights.
A contract by which one party agrees to perform to the satisfaction of the other. — Also termed contract to satisfaction. [Cases: Contracts 282. C.J.S. Contracts §§ 561, 563–564.]
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production payment. Oil & gas. A share of oil-and-gas production from property, free of the costs of production, ending when an agreed sum has been paid.
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Interest at a rate agreed to by the parties themselves, as distinguished from that prescribed by law. Cf. interest as damages. [Cases: Interest 4, 32. C.J.S. Interest and Usury; Consumer Credit § 9, 38.]
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