General law

General law

Common terminology used in legal business.

Contributors in General law

General law

A document signed by King John on June 15, 1215, which established the rights of English barons, landowners and common people, and limited the powers of the King. Magna Carta is a Latin term, which ...

Life estate

Law; General law

A right to use and occupy a property, by a life estate holder, only for the duration of his lifetime. This right terminates on the death of the holder, who is called a life tenant. Once terminated, ...

Lineal descendant

Law; General law

This legal term is applied to ancestry and descent. A lineal descendant is a direct descendant or a blood relative in the direct line of descent. For example, the relation of natural parent and the ...

Mala fides

Law; General law

An action done in bad faith. A person who buys stolen goods with the knowledge that they are stolen is said to be a mala fide buyer. It is opposed to a bona fide purchaser, who buys the goods ...

Liquidated damages

Law; General law

A clause commonly found to be incorporated in contracts, wherein the parties agree to pay a fixed sum, in case of violation of the provisions of the contract.

Living trust

Law; General law

Otherwise known as trust inter vivos (between the living), a living trust is created during the lifetime of the trustor. Read more on living trust and will.

Patent

Law; General law

An exclusive right granted to an inventor to make, use or sale an invention for a fixed period of time, approximately 17 years from the date the patent was published.