positive law. 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 […]
jaywalking, n. The act or instance of crossing a street without heeding traffic regulations, as by crossing between intersections or at a place other than a crosswalk. [Cases: Automobiles 217; Municipal Corporations 707. C.J.S. Motor Vehicles § 895; Municipal Corporations §§ 1531–1534.] — jaywalk, vb.
Federal Trade Commission. An independent five-member federal commission that administers various laws against business monopolies, restraint of trade, and deceptive trade practices. • It was established by the Federal Trade Commission Act of 1914. 15 USCA §§ 41–58. The Commission’s body of rulings often reaches into state-law actions because many so-called Little FTC Acts of
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numbers game. A type of lottery in which a person bets that on a given day a certain series of numbers will appear from some arbitrarily chosen source, such as stock-market indexes or the U.S. Treasury balance. • The game creates a fund from which the winner’s share is drawn and is subject to regulation
Act of Adjournal. Scots law. A regulation issued by the High Court of Justiciary to regulate procedure both in that court and in the lower criminal courts.
Office of Fair Housing and Equal Opportunity. A unit in the U.S. Department of Housing and Urban Development responsible for administering the fair-housing laws and regulations that prohibit discrimination in public and private housing. — Abbr. FHEO.
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red tape. A bureaucratic procedure required to be followed before official action can be taken; esp. rigid adherence to time-consuming rules and regulations; excessive bureaucracy. • The phrase originally referred to the red ribbons that lawyers and government officials once used to tie their papers together.
Office of Government Ethics. An independent agency in the executive branch responsible for issuing rules and regulations about ethical conduct and financial disclosure, providing training in ethics, monitoring the ethics of practices in departments and agencies, and giving guidance on matters of ethics. • The agency was established under the Ethics in Government Act of
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The use of material, nonpublic information in trading the shares of a company by a corporate insider or other person who owes a fiduciary duty to the company. • This is the classic definition. The Supreme Court has also approved a broader definition, known as the “misappropriation theory”: the deceitful acquisition and misuse of information
A tender offer in which the bidder offers to pay cash for the target’s shares, as opposed to offering other corporate shares in exchange. • Most tender offers involve cash. [Cases: Securities Regulation 52.30–52.50. C.J.S. Securities Regulation §§ 121–122, 127–128, 131–138, 140–141.]