Time that does not count for a particular purpose, such as time not included in calculating an employee’s wages or time not credited toward a prisoner’s sentence. • The time during which a prisoner has escaped, for example, is not credited toward the prisoner’s sentence. — Also termed nonrun time.
Tax. A decedent’s inter vivos transfer that is not completed for federal estate-tax purposes because the decedent retains significant powers over the property’s possession or enjoyment. • Because the transfer is incomplete, some or all of the property’s value will be included in the transferor’s gross estate. IRC (26 USCA) §§ 2036–2038. [Cases: Internal Revenue
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futures, n. 1. Standardized assets (such as commodities, stocks, or foreign currencies) bought or sold for future acceptance or delivery. — Also termed financial futures. 2. FUTURES CONTRACT. 3. Future claimants, esp. those who would become members of a class of persons injured by a defendant and thus included in a class action.
Trade and other business activities between those located in different states; esp., traffic in goods and travel of people between states. • For purposes of this phrase, most statutory definitions include a territory of the United States as a state. Some statutory definitions of interstate commerce include commerce between a foreign country and a state.
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Arbitration that involves settling the terms of a contract being negotiated between the parties; esp., in labor law, arbitration of a dispute concerning what provisions will be included in a new collective-bargaining agreement. • When the parties cannot agree on contractual terms, an arbitrator decides. This type of arbitration is most common in public-sector collective
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A sentence other than incarceration. • Examples include community service and victim restitution. — Also termed creative sentence.
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agriculture. The science or art of cultivating soil, harvesting crops, and raising livestock. [Cases: Agriculture 3. 1.] “ ‘Agriculture’ is broader in meaning than ‘farming’; and while it includes the preparation of soil, the planting of seeds, the raising and harvesting of crops, and all their incidents, it also includes gardening, horticulture, viticulture, dairying, poultry,
merchant. One whose business is buying and selling goods for profit; esp. a person or entity that holds itself out as having expertise peculiar to the goods in which it deals and is therefore held by the law to a higher standard of expertise than that of a nonmerchant. • Because the term relates solely
A member whose rights do not include the right of voting on the organization’s or assembly’s business. — Also termed informational member.
open-source software. Software that is usu. not sold for profit, includes both human-readable source code and machine-readable object code, and allows users to freely copy, modify, or distribute the software. • Even though open-source software is made widely available for free, it may be protected by federal trademark law. See Planetary Motion, Inc. v. Techsplosion,
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