A valid contract that, because of some technical defect, cannot be fully enforced; a contract that has some legal consequences but that may not be enforced in an action for damages or specific performance in the face of certain defenses, such as the statute of frauds. Cf. illegal contract; void contract. — Also termed agreement […]
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An obligation by which certain lands are made over as security for lands conveyed to the grantee and will be transferred to the grantee if he or she is evicted from the conveyed lands by a third party.
distributive share. 1. The share that an heir or beneficiary receives from the legal distribution of an estate. [Cases: Descent and Distribution 20–51; Wills 521–535. C.J.S. Descent and Distribution §§ 23–59; Wills§§ 967–1028.] 2. The portion (as determined in the partnership agreement) of a partnership’s income, gain, loss, or deduction that is passed through to
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takeover defense. A measure taken by a corporation to discourage hostile takeover attempts. — Often shortened to defense. — Also termed shark repellent. structural takeover defense. A legal mechanism adopted by a corporation to thwart any future takeover bid without having any financial or operational effect on the target corporation. transactional takeover defense. A financial
Maritime law. A provision in a bill of lading extending the carrier’s defenses and limitations under the Carriage of Goods by Sea Act to third parties, typically employees, agents, and independent contractors. • The Supreme Court has held that this type of clause must be strictly construed. Robert C. Herd & Co. v. Krawill Machinery
property ratione privilegii (ray-shee-oh-nee priv-i-lee-jee-I). Hist. A common-law right, granted by a royal franchise, to take wild animals on another’s land. • This principle made its way into American law. See, e.g., Hanson v. Fergus Falls Nat’l Bank, 65 N.W.2d 857, 862 (Minn. 1954). Cf. PROPERTY RATIONE SOLI . “Property Ratione privilegii is the right
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A shop in which the employer, by agreement with a union, hires and retains in employment only union members in good standing. • Closed shops were made illegal under the federal Labor–Management Relations Act. — Also termed closed union shop. See PREHIRE AGREEMENT. Cf. closed union under UNION. [Cases: Labor Relations 251. C.J.S. Labor Relations
advance pricing agreement. Tax. A usu. binding arrangement made between a multinational company and one or more national tax authorities about what method the company will use to calculate transfer prices. • The agreement’s purpose is to reduce or eliminate double taxation. — Abbr. APA. bilateral advance pricing agreement. An advance pricing agreement made between
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de escambio monetae (dee es-kam-bee-oh m[schwa]-nee-tee), n. [Law Latin “of exchange of money”] Hist. A writ authorizing a merchant to prepare a bill of exchange.
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A crime that does not require a mens rea element, such as traffic offenses and illegal sales of intoxicating liquor. [Cases: Criminal Law 21. C.J.S. Criminal Law § 31.]
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