commerce. The exchange of goods and services, esp. on a large scale involving transportation between cities, states, and nations. internal commerce. See intrastate commerce. international commerce. Trade and other business activities between nations. interstate commerce. Trade and other business activities between those located in different states; esp., traffic in goods and travel of people between […]
Tax. A spouse who may be relieved of liability for taxes on income that the other spouse did not include on a joint tax return. • The innocent spouse must prove that the other spouse omitted the income, that the innocent spouse did not know and had no reason to know of the omission, and
pornography, n. Material (such as writings, photographs, or movies) depicting sexual activity or erotic behavior in a way that is designed to arouse sexual excitement. • Pornography is protected speech under the First Amendment unless it is determined to be legally obscene. See OBSCENITY. [Cases: Obscenity 5. C.J.S. Obscenity §§ 5–13.] — pornographic, adj. child
Securities. A person or company acting as an intermediary in a securities transaction or providing facilities for comparing data with respect to securities transactions. • The term includes a custodian of securities in connection with the central handling of securities. Securities Exchange Act § 3(a)(23)(A) (15 USCA § 78c(a)(23)(A)). — Also termed clearing agency.
A request suggesting that the meeting or a member is not following the applicable rules and asking the chair to enforce the rules. • Some organizations use the term “point of order” as a generic term that also includes a parliamentary inquiry and a question of privilege. — Also termed question of order. See parliamentary
release clause. Real estate. 1. A blanket-mortgage provision that enables the mortgagor to obtain a release from the mortgage of a specific portion of the property upon paying a specific (usu. more than pro rata) portion of the loan. • Mortgagees commonly include a clause that disallows a partial release if the mortgagor is in
no arrival, no sale. A delivery term, included in some sales contracts, by which the seller assumes the duty to deliver the goods to a specified place, and assumes the risk of loss for the goods while they are in transit. • If the goods arrive damaged or late, the buyer can either avoid the
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abutter ([schwa]-b[schwa]t-[schwa]r). 1. The owner of adjoining land; one whose property abuts another’s. [Cases: Adjoining Landowners 1. C.J.S. Adjoining Landowners §§ 2, 6–8, 39.] “The major right of [an abutter] is that of access to his property — a right of reasonable ingress and egress. He is entitled to compensation for any substantial impairment of
unfair labor practice. Any conduct prohibited by state or federal law governing the relations among employers, employees, and labor organizations. • Examples of unfair labor practices by an employer include (1) interfering with protected employee rights, such as the right to self-organization, (2) discriminating against employees for union-related activities, (3) retaliating against employees who have
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term sheet. Securities. 1. A document setting forth all information that is material to investors about the offering but is not disclosed in the accompanying prospectus or the confirmation. 2. LETTER OF INTENT. abbreviated term sheet. A term sheet that includes (1) the description of the securities as required by Item 202 of SEC Regulation