Issued share capital shares of a company that are held

By shareholders

Judge public official who hears and decides cases in

Court

Judge-made law (also case law, common law) body of law

formed through judicial/court decisions, as opposed to

Law formed through statutes or written legislation

Judgment lien lien imposed on a person against whom a

Judgment has been entered but remains unsatisfied

Judicial lien security interests arising as a result of court

Proceedings brought by the creditor to secure an

interest in the debtor's property

Juris doctor (JD) (US) law degree (UK LLB)

Juvenile court court that hears cases involving children

Under a certain age

Lack of legal capacity absence of ability of a person to

Enter into contractual relations, sue or be sued

Law school (US) graduate school offering courses in law

Leading to a law degree

Lease contract for which the use and occupation of a

Property is conveyed to another, usually in exchange

For a sum of money (rent)

Leasehold property whose duration of ownership or

Occupation is fixed or capable of being fixed

Legal entity individual or organisation that can enter into

Contracts, is responsible for its actions and can be

Sued for damages

legal opinion document outlining a lawyer's understanding

Of the law regarding a particular situation

Legal person artificial entity created by law and given

Legal rights and duties, for example a corporation

Legal Practice Course (LPC) (UK) course that must be

Completed before a person can be qualified as a

Solicitor. It is the first step to becoming a solicitor (the

Second being working as a trainee solicitor, and the

Last being successful completion of the Professional

Skills Course).

Licence (UK) permission or authority to do something

Which would otherwise be illegal. No interest is

Transferred in this case. (US license)

lien interest or attachment in another's property as

Security for payment of an obligation

Lien creditor creditor whose claim is secured by a lien

Life estate estate granted only for the life of the grantee

Life tenant person who holds a life estate or an estate

Pur autre vie, or for the benefit of another

Liquidated damages (also stipulated damages)

Compensation that is agreed to in the contract

Liquidation dissolution of a company whereby all assets

Are sold and the proceeds used to payoff debts

LLB (Legum Baccalaureus) (UK) Bachelor of Laws, law

Degree (US JO Uuris doctor))

Loan capital form of long-term borrowing

Lockout preventing people from entering a building by

Locking it, such that employees cannot work

Lower court (also court of first instance) court whose

Decisions may be appealed to a higher court

magistrates' court (UK) court that has very limited

Powers

Maker person who makes a promissory note

Market economy economic system which permits the

Open exchange of goods and services between

Producers and consumers. In a market economy, prices

And production are largely determined by supply and

Demand. The contrasting model to a market economy is

Date: 2015-12-11; view: 599