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collapsible corporation

A corporation formed to give a short-term venture the appearance of a long-term in-vestment in order to portray income as capital gain, rather than profit. • The corporation is typically formed for the sole purpose of purchasing property. The corporation is usu. dissolved before the property has generated sub-stantial income. The Internal Revenue Service treats

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visitation

visitation (viz-[schwa]-tay-sh[schwa]n). 1. Inspection; superintendence; direction; regulation. 2. Family law. A relative’s, esp. a noncustodial parent’s, period of access to a child. — Also termed parental access; access; parenting time; residential time. [Cases: Child Custody 175–231.] 3. The process of inquiring into and correcting corporate irregularities. [Cases: Corporations 394. C.J.S. Corporations § 582.] 4. VISIT.

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per incuriam

per incuriam (p[schwa]r in-kyoor-ee-[schwa]m), adj. (Of a judicial decision) wrongly decided, usu. because the judge or judges were ill-informed about the applicable law. “There is at least one exception to the rule of stare decisis. I refer to judgments rendered per incuriam. A judgment per incuriam is one which has been rendered inadvertently. Two examples

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disposition

disposition (dis-p[schwa]-zish-[schwa]n), n. 1. The act of transferring something to another’s care or possession, esp. by deed or will; the relinquishing of property (a testamentary disposition of all the assets). testamentary disposition. A disposition to take effect upon the death of the person making it, who retains substantially entire control of the property until death.

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perfect tender rule

Commercial law. The principle that a buyer may reject a seller’s goods if the quality, quantity, or delivery of the goods fails to conform precisely to the contract. • Although the perfect-tender rule was adopted by the UCC (§ 2-601), other Code provisions — such as the seller’s right to cure after rejection — have

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