A lease of property (esp. equipment) for a term that is shorter than the property’s useful life. • Under an operating lease, the lessor is typically responsible for paying taxes and other expenses on the property. Cf. LEASE-PURCHASE AGREEMENT.
letter of undertaking. An agreement by which a shipowner — to avoid having creditors seize the ship and release it on bond — agrees to post security on the ship, and to enter an appearance, acknowledge ownership, and pay any final decree entered against the vessel whether it is lost or not. • A letter
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A deed reflecting the terms of an agreement between a debtor and a creditor to discharge or adjust a debt. [Cases: Debtor and Creditor 10. C.J.S. Assignments for Benefit of Creditors § 26; Creditor and Debtor §§ 84–94.]
Agreement by both parties to a contract, usu. in the form of offer and acceptance. • In modern contract law, mutual assent is determined by an objective standard — that is, by the apparent intention of the parties as manifested by their actions. Cf. MEETING OF THE MINDS. [Cases: Contracts 15. C.J.S. Con-tracts §§ 35–36,
Pierringer release. A release agreement in which the plaintiff releases a codefendant but reserves the right to proceed against the other defendants. • Under this release, the plaintiff agrees to reduce the claim against the remaining defendants by the amount of consideration paid for the release. The term derives from Pierringer v. Hoger, 124 N.W.2d
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bachelor. 1. An unmarried man. 2. The usual title of the first degree that is conferred on a university graduate. 3. English law. A member of one of the orders of chivalry, such as the Order of the Bath. — Also termed (in sense 3) knight bachelor.
scale, n. 1. A progression of degrees; esp., a range of wage rates. 2. A wage according to a range of rates. 3. An instrument for weighing. 4. Hist. In the practice of the English Supreme Court of Judicature, the fee charged by a solicitor for a particular type of case. • Unless the court
A lien that is created by the express agreement of the parties, in circumstances in which the law would not create a lien.
Daubert test. A method that federal district courts use to determine whether expert testimony is admissible under Federal Rule of Evidence 702, which generally requires that expert testimony consist of scientific, technical, or other specialized knowledge that will assist the fact-finder in understanding the evidence or determining a fact in issue. • In its role
in proximo gradu (in prok-s[schwa]-moh gray-d[y]oo). [Latin] Roman law. In the nearest degree. • The phrase appeared in reference to a child’s relationship to the father or to a grandchild’s relation to a grandfather if the grandchild represented his or her deceased father. See PER STIRPES.