Search Results for: VERT

lenient test

lenient test. The principle that the attorney–client privilege applicable to a document or other communication will be waived only by a knowing or intentional disclosure, and will not usu. be waived by an inadvertent disclosure. Cf. STRICT TEST; HYDRAFLOW TEST. [Cases: Witnesses 219(3).]

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use in commerce

use in commerce. Trademarks. Actual use of a trademark in the sale of goods or services. • Use of a trademark in commerce is a prerequisite to trademark registration. This type of use fixes the trademark in a way that associates it with marketed goods or services, as contrasted with a token use intended to

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legal fiction

legal fiction. An assumption that something is true even though it may be untrue, made esp. in judicial reasoning to alter how a legal rule operates; specif., a device by which a legal rule or institution is diverted from its original purpose to accomplish indirectly some other object. • The constructive trust is an example

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liquidity

liquidity. 1. The quality or state of being readily convertible to cash. 2. Securities. The characteristic of having enough units in the market that large transactions can occur without substantial price variations. • Most stocks traded on the New York Stock Exchange, for example, have liquidity.

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arbitrage

arbitrage (ahr-b[schwa]-trahzh), n. The simultaneous buying and selling of identical securities in different markets, with the hope of profiting from the price difference in those markets. — Also termed space arbitrage. [Cases: Securities Regulation 53.17(4). C.J.S. Securities Regulation § 153.] — arbitrager (ahr-b[schwa]-trazh-[schwa]r), arbitrageur (ahr-b[schwa]-trah-zh[schwa]r), n. covered-interest arbitrage. The simultaneous investment in a currency and

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reverse confusion

Confusion occurring when consumers are likely to believe mistakenly — usu. through wide-spread advertising and promotion by the infringing company — that the trademark owner’s products are actually those of the infringer. • Reverse confusion often injures the owner’s reputation and goodwill. In an action for reverse confusion, the trademark owner is typically the smaller

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federal

federal, adj. Of or relating to a system of associated governments with a vertical division of governments into national and regional components having different responsibilities; esp., of or relating to the national government of the United States. — Abbr. Fed.

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