Search Results for: recognized gain

clameur de haro

clameur de haro (klah-m[schwa]r dah-roh). [French] An outcry recognized in the Channel Islands as a protest against trespass to land. • The clameur de haro is a legal remnant of when the Duchy of Normandy held the islands before England took control in the 13th century. The victim’s cry of haro (repeated 3 times) is […]

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legal practitioner

legal practitioner. 1. A lawyer. 2. In the traditional English system, a member of one of the recognized branches of practice. “Legal practitioners may be either barristers, special pleaders not at the bar, certified conveyancers, or solicitors. The three latter may recover their fees, but the first may not, their acting being deemed of a

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lesion

lesion (lee-zh[schwa]n). 1. An injury or wound; esp., an area of wounded tissue. 2. Civil law. Loss from another’s failure to perform a contract; the injury suffered by one who did not receive the equivalent value of what was bargained for. La. Civ. Code art. 2589. — Also spelled (in sense 2) lésion. [Cases: Vendor

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sealed instrument

sealed instrument. At common law and under some statutes, an instrument to which the bound party has affixed a personal seal, usu. recognized as providing indisputable evidence of the validity of the underlying obligations. • The common-law distinction between sealed and unsealed instruments has been abolished by many states, and the UCC provides that the

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sale or exchange

sale or exchange. 1. Tax. A voluntary transfer of property for value (as distinguished from a gift) resulting in a gain or loss recognized for federal tax purposes. 2. A transfer of property; esp., a situation in which proceeds of a sale are to be vested in another estate of the same character and use.

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peculiar risk doctrine

peculiar-risk doctrine. The principle that an employer will be liable for injury caused by an independent contractor if the employer failed to take precautions against a risk that is peculiar to the contractor’s work and that the employer should have recognized. — Also termed peculiar-risk exception. [Cases: Master and Servant 319. C.J.S. Employer–Employee Relationship §§

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droit de suite

droit de suite (drwah d[schwa] sweet), n. [French “right to follow”] 1. A creditor’s right to recover a debtor’s property after it passes to a third party. 2. Copyright. An artist’s resale royalty; the right of a work’s creator to benefit from appreciation in the value of the work by receiving a portion of the

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fiduciary relationship

A relationship in which one person is under a duty to act for the benefit of another on matters within the scope of the relationship. • Fiduciary relationships — such as trustee–beneficiary, guardian–ward, principal–agent, and attorney–client — require an unusually high degree of care. Fiduciary relationships usu. arise in one of four situations: (1) when

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