Search Results for: TERM OF ART

burden of production

burden of production. A party’s duty to introduce enough evidence on an issue to have the issue decided by the fact-finder, rather than decided against the party in a peremptory ruling such as a summary judgment or a directed verdict. — Also termed burden of going forward with evidence; burden of producing evidence; production burden; […]

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letter of credit

Commercial law. An instrument under which the issuer (usu. a bank), at a customer’s request, agrees to honor a draft or other demand for payment made by a third party (the beneficiary), as long as the draft or demand complies with specified conditions, and regardless of whether any underlying agreement between the customer and the

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failing company doctrine

failing-company doctrine. Antitrust. The rule that allows an otherwise proscribed merger or acquisition between competitors when one is bankrupt or near failure. 15 USCA §§ 12–27. — Also termed failing-firm defense. [Cases: Monopolies 20(1). C.J.S. Monopolies §§ 106–111, 115–116, 125.] “The 1992 guidelines provide a limited defense for failing firms and failing divisions of firms.

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manufacture

manufacture, n. Patents. A thing that is made or built by a human being, as distinguished from something that is a product of nature; esp. any material form produced by a machine from an unshaped composition of matter. • Manufactures are one of the statutory categories of inventions that can be patented. Examples of manufactures

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tenancy at will

A tenancy in which the tenant holds possession with the landlord’s consent but without fixed terms (as for duration or rent); specif., a tenancy that is terminable at the will of either the transferor or the transferee and that has no designated period of duration. • Such a tenancy may be terminated by either party

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finding of fact

finding of fact. A determination by a judge, jury, or administrative agency of a fact supported by the evidence in the record, usu. presented at the trial or hearing (he agreed with the jury’s finding of fact that the driver did not stop before proceeding into the intersection). — Often shortened to finding. See FACT-FINDER.

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bankruptcy judge

A judicial officer appointed by a U.S. court of appeals to preside over cases filed under the Bankruptcy Code and proceedings related to bankruptcy cases that are referred by the U.S. district court. • A bankruptcy judge is appointed for a term of 14 years.28 USCA §§ 151 et seq. See ARTICLEII JUDGE. [Cases: Bankruptcy

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