habendum clause (h[schwa]-ben-d[schwa]m). 1. The part of an instrument, such as a deed or will, that defines the extent of the interest being granted and any conditions affecting the grant. • The introductory words to the clause are ordinarily to have and to hold. — Also termed to-have-and-to-hold clause. [Cases: Deeds 120. C.J.S. Deeds §§ […]
A dividend paid to a dissolving corporation’s shareholders, usu. from the capital of the corporation, upon the decision to suspend all or part of its business operations. — Also termed liquidating dividend. [Cases: Corporations 629. C.J.S. Corporations §§ 875–878.]
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resolution. 1. Parliamentary law. A main motion that formally expresses the sense, will, or action of a deliberative assembly (esp. a legislative body). • A resolution is a highly formal kind of main motion, often containing a preamble, and one or more resolving clauses in the form, “Resolved, That….” concurrent resolution. A resolution passed by
feorme (f[schwa]rm). Hist. A portion of the land’s produce owed by the grantee to the lord according to the terms of a charter.
suspension. 1. The act of temporarily delaying, interrupting, or terminating something (suspension of business operations) (suspension of a statute). 2. The state of such delay, interruption, or termination (corporate transfers were not allowed because of the suspension of business). 3. The temporary deprivation of a person’s powers or privileges, esp. of office or profession; esp.,
obviousness, n. Patents. The quality or state of being easily apparent to a person with ordinary skill in a given art, considering the scope and content of the prior art, so that the person could reasonably believe that, at the time it was conceived, the invention was to be expected. • An invention that is
open court. 1. A court that is in session, presided over by a judge, attended by the parties and their attorneys, and engaged in judicial business. • Open court usu. refers to a proceeding in which formal entries are made on the record. The term is distinguished from a court that is hearing evidence in
integration rule. The rule that if the parties to a contract have embodied their agreement in a final document, any other action or statement is without effect and is immaterial in determining the terms of the contract. See PAROL EVIDENCE RULE . [Cases: Contracts 245; Evidence 397(2).C.J.S. Contracts § 416; Evidence §§ 1159–1160, 1278–1280.]
leading case. 1. A judicial decision that first definitively settled an important legal rule or principle and that has since been often and consistently followed. • An example is Miranda v. Arizona, 384 U.S. 436, 86 S.Ct. 1602 (1966) (creating the exclusionary rule for evidence improperly obtained from a suspect being interrogated while in police
The doctrine that people have the right to bind themselves legally; a judicial concept that contracts are based on mutual agreement and free choice, and thus should not be hampered by external control such as governmental interference. • This is the principle that people are able to fashion their relations by private agreements, esp. as
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