An association of lawyers who practice law together, usu. sharing clients and profits, in a business organized traditionally as a partnership but often today as either a professional corporation or a limited-liability company. • Many law firms have a hierarchical structure in which the partners (or shareholders) supervise junior lawyers known as “associates,” who are […]
advice of counsel. 1. The guidance given by lawyers to their clients. 2. In a malicious-prosecution lawsuit, a defense requiring both a complete presentation of facts by the defendant to his or her attorney and honest compliance with the attorney’s advice. [Cases: Malicious Prosecution 21, 25(2). C.J.S. Malicious Prosecution or Wrongful Litigation §§ 25, 42,
Stock owned by a holder whose potential liability is limited to the amount paid for the stock and who cannot be charged additional funds to pay the issuer’s debts. • Stock issued in the United States is usu. nonassessable. [Cases: Corporations 78, 175. C.J.S. Corporations §§ 188, 192, 316.]
nonassessable stock Read More »
law firm. An association of lawyers who practice law together, usu. sharing clients and profits, in a business organized traditionally as a partnership but often today as either a professional corporation or a limited-liability company. • Many law firms have a hierarchical structure in which the partners (or shareholders) supervise junior lawyers known as “associates,”
business enterprises. The field of law dealing with various forms of business, such as corporations, limited-liability companies, and partnerships. — Also termed business entities; business associations; enterprise organizations.
business enterprises Read More »
rule of capture. 1. The doctrine that if the donee of a general power of appointment manifests an intent to assume control of the property for all purposes and not just for the purpose of appointing it to someone, the donee captures the property and the property goes to the donee’s estate. • One common
A provision in some commercial general liability policies, excluding coverage for bodily injury or property damages arising from the discharge, dispersal, release, or escape of chemicals, waste, acid, and other pollutants. • Pollution-exclusion clauses may take one of two forms: (1) sudden and accidental, and (2) absolute. The sudden-and-accidental clause, usu. limited to policies issued
pollution exclusion Read More »
outcome responsibility. The view that those who cause harm are responsible for it even in the absence of fault. Cf. strict liability under LIABILITY. “Outcome responsibility serves to foster a sense of identity because it does not stretch indefinitely into the future but enables each of us to claim for ourselves, or to share with
outcome responsibility Read More »
The act of violating an intellectual-property right without knowledge or awareness that the act constitutes infringement. • An innocent infringer may, in limited circumstances, escape liability for some or all of the damages. In the copyright context, damages may be limited if (1) the infringer was misled by the lack of a copyright notice on
innocent infringement Read More »