Debtor retains control over the property but is limited

In what he or she may do with it

Notice document providing notification of a fact, claim, or

Proceeding

Novation substitution of an obligation with a new one,

Thereby cancelling the old obligation

Objects goals or purposes of a company

objects clause section of a company's memorandum of

association that outlines the company's objects

Obligee person to whom a right is owed

Obligor person who owes a right

Offer indication of willingness to enter into a contract on

Specified terms, whereby, if accepted by the other

Person, a binding contract would result

Offeree party to whom an offer is made

Offeror party that displays a willingness to enter into a

Contract on specified terms

Oligopoly market situation in which only a small number

Of firms compete with each other

Glossary

E

On notice of the security interest where a security

Interest exists between a certain creditor and debtor.

It occurs on perfection of a security interest.

Ordinance (US) municipal law (UK by-law)

Ordinary course of business regular mode of conduct or

Routine of a trade

Ordinary resolution (UK) resolution passed by a simple

Majority of members at the annual general meeting

Ordinary shares (UK) shares that carry voting rights and

Dividend entitlements and which are the most common

Form of shares (US common shares)

,

Paralegal person who assists a lawyer with legal work,

But is not a lawyer

Parallel behaviour acting in a similar way to another; for

Example, setting prices at the same level as a

Competitor or producing a similar level of output as

Another in the same business

Parol Evidence the rule that evidence, apart from the

Actual contract itself, cannot modify, explain, vary or

Contradict the written terms of a contract

Party person or entity involved in an agreement

Passage of title exchange of ownership in a property

Passing of risk the point at which the risk (e.g. of

Damage) passes from one party to another (and

Therefore also the responsibility, for example, for

Insuring goods)

Passing off illegal type of unfair competition whereby a

Business does something that the public would

Reasonably believe to be related to the activities of a

Different business such that this second business

Suffers damages as a result

Patent grant from the government giving exclusive rights

To an inventor to make, use or sell an invention for a

Specified period of time

Payee person who is being paid in a bill of exchange

Pecuniary compensation remedy that involves

Compensating through money

Penal law (also criminal law) area of law that deals with

Crime, punishment or penalties

Penetrate the market to enter into a market

Per annum (Latin) per year

Per se (Latin) by itself

Perfected when the appropriate filing or registering or

Other formal action of a security interest has been

done to protect one's security interest in another's

Property against all other creditors

Date: 2015-12-11; view: 622