bad debt loss ratio
bad-debt loss ratio. The ratio of uncollectible debt to a business’s total receivables.
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bid shopping
bid-shopping. A general contractor’s effort — after being awarded a contract — to reduce its own costs by finding a subcontractor that will submit a lower bid than the one used in calculating the total contract price. • If a lower bid is obtained, the general contractor will receive a windfall profit because the savings
material breach
A breach of contract that is significant enough to permit the aggrieved party to elect to treat the breach as total (rather than partial), thus excusing that party from further performance and affording it the right to sue for damages. [Cases: Contracts 317, 318. C.J.S. Contracts §§ 334, 450–455, 507, 541–544.]
casus omissus
casus omissus (kay-s[schwa]s [schwa]-mis-[schwa]s). [Latin “case omitted”] A situation not provided for by a statute or contract, and therefore governed by caselaw or new judge-made law. Pl. casus omissi. Cf. CASUS(2). [Cases: Statutes 186. C.J.S. Statutes § 320.] “At times a state of war appears to exist between the courts and the parliamentary draftsman. The
omnium
omnium (om-nee-[schwa]m), n. The total amount or value of the items in a combined fund or stock. • The term is used primarily in mercantile law and in Great Britain.
casualty loss
For tax purposes, the total or partial destruction of an asset resulting from an unexpected or unusual event, such as an automobile accident or a tornado. [Cases: Internal Revenue 3416; Taxation 1039.]
consecutive sentences
Two or more sentences of jail time to be served in sequence. • For example, if a defendant receives consecutive sentences of 20 years and 5 years, the total amount of jail time is 25 years. — Also termed cumulative sentences; accumulative sentences. [Cases: Sentencing and Punishment 545. C.J.S. Criminal Law §§ 1522–1523.]
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ita lex scripta est
ita lex scripta est (I-t[schwa] leks skrip-t[schwa] est). [Latin] So the law is written. • This expression means that the law must be obeyed despite the apparent rigor of its application. The idea is that we must be content with the law as it stands, without inquiring into its reasons. — Sometimes shortened to ita
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aguilar–spinelli test
Aguilar–Spinelli test (ah-gee-lahr spi-nel-ee orag-w[schwa]-lahr).Criminal procedure. A standard for de-termining whether hearsay (such as an informant’s tip) is sufficiently reliable to establish probable cause for an arrest or search warrant. • Under this two-pronged test — which has been replaced by a broader, totali-ty-of-the-circumstances approach — the reliability of both the information and the informant
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earned premium
The portion of an insurance premium applicable to the coverage period that has already expired. • For example, if the total premium for a one-year insurance policy is $1,200, the earned premium after three months is $300. [Cases: Insurance 2000. C.J.S. Insurance §§ 436–437.]