drafting. The practice, technique, or skill involved in preparing legal documents — such as statutes, rules, regulations, contracts, and wills — that set forth the rights, duties, liabilities, and entitlements of persons and legal entities. — Also termed legal drafting.
duplicative (doo-plik-[schwa]-tiv alsodoo-pli-kay-tiv), adj. 1. Having or characterized by having overlapping content, intentions, or effect ( duplicative sources) (duplicative evidence) (duplicative regulations). 2. Duplicate; having or characterized by having identical content (duplicative database) (duplicative backup).
deceptive act. As defined by the Federal Trade Commission and most state statutes, conduct that is likely to deceive a consumer acting reasonably under similar circumstances. — Also termed deceptive practice; deceptive sales practice. [Cases: Consumer Protection 4; Trade Regulation 861. C.J.S. Credit Reporting Agencies; Consumer Protection §§ 29–31, 33–34, 36–39; Trade-Marks, Trade-Names, and Unfair
obsolescence (ob-s[schwa]-les-[schwa]nts). 1. The process or state of falling into disuse or becoming obsolete. 2. A diminution in the value or usefulness of property, esp. as a result of technological advances. • For tax purposes, obsolescence is usu. distinguished from physical deterioration. Cf. DEPRECIATION. [Cases: Taxation 348(4).] economic obsolescence. Obsolescence that results from external economic
A system of law promulgated and implemented within a particular political community by political superiors, as distinct from moral law or law existing in an ideal community or in some nonpolitical community. • Positive law typically consists of enacted law — the codes, statutes, and regulations that are applied and enforced in the courts. The
Trademarks. The quality of having a shape, configuration, design, or color that is so superior to available alternatives that giving the first user exclusive trademark rights would hinder competition. [Cases: Trade Regulation 43. C.J.S. Trade-Marks, Trade-Names, and Unfair Competition §§ 49–50.]
A sale of a security that the seller does not own or has not contracted for at the time of sale, and that the seller must borrow to make delivery. • Such a sale is usu. made when the seller expects the security’s price to drop. If the price does drop, the seller can make
An offering made only to a small group of interested buyers. — Also termed private placement. [Cases: Securities Regulation 18.11. C.J.S. Securities Regulation § 64.]
The minimum percentage of the purchase price that a buyer must deposit with a broker. • The Federal Reserve Board establishes minimum margin requirements to prevent excessive speculation and price volatility. [Cases: Securities Regulation 45.11.]
initial margin requirement Read More »
tip, n. 1. A piece of special information; esp., in securities law, advance or inside information passed from one person to another. See INSIDE INFORMATION; INSIDER TRADING. [Cases: Securities Regulation 60.28(2). C.J.S. Securities Regulation § 180.] 2. A gratuity for service given. • Tip income is taxable. IRC (26 USCA) § 61(a). [Cases: Internal Revenue