Card Set Information

2012-09-30 15:24:48

Legal English
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  1. sale of substantially all assets
    form of acquisition whereby all or almost all assets and liabilities of a company are sold
  2. security
    property pledged in order to secure the fulfilment of a promise or loan
  3. security agreement
    agreement whereby a person grants interest in his or her property to another as collateral in order to guarantee performance of an obligation International Legal English Second edition
  4. security interest
    any interest in property acquired by agreement or operation of law for the purpose of securing payment or performance of an obligation
  5. senior partner
    person who has been a partner of a law firm for many years (the exact number of years may differ in each firm); in some law firms, an official title given to some partners serve (a document on someone) !s3:v/to deliver a legal document to someone (which usually demands they go to a court of law or obey an order)
  6. sex discrimination
    different treatment, usually awarding privileges to some and denying privileges to others, based on gender
  7. share consolidation
    (UK) proportional exchange of existing shares in the corporation for a fewer number of shares, each with greater value (US reverse stock split)
  8. share subdivision
    (UK) exchange of a multiple of new shares for each old share such that shareholdings are in the same proportion afterwards (US stock split)
  9. Sherman Act
    (US) US federal statute which was passed in 1890 and which prohibits interference with free competition and aims to limit monopolies and trusts. Any agreement or combination which has the effect of restraining trade is prohibited under this statute.
  10. shrink-wrap contract
    licence agreement or contractual terms and conditions that appear on the outside packaging of an item, Acceptance by the consumer is confirmed by the opening of the package. Often used in the software industry.
  11. sic
    (Latin) thus
  12. single European market
    established under the Single European Act, came into effect on 1 January 1993; the core of the process of European economic integration, involving the removal of obstacles to the free movement of goods, services, people and capital between member states of the European Union
  13. small-claims court
    court that handles civil claims for limited amounts of money
  14. soft norms
    informal term referring to the many interpretative and non-binding statements, for example by treaty monitoring bodies, that can contribute to an understanding and greater compliance with the law
  15. sole practitioner
    lawyer who practises on his/her own
  16. solicitor
    (UK) lawyer who is qualified to give legal advice and prepare legal documents
  17. solo practice
    law practice with only one lawyer
  18. solvent
    able to pay one's debts
  19. special damages
    (also consequential damages) damages that are awarded due to a particular wrong or particular circumstances
  20. special resolution
    resolution on major decisions of a company (such as changing the company's articles or reducing its share capital) at a general meeting that must be passed by a certain majority, usually 75%
  21. specific performance
    when a court orders the breaching party to perform its part of a contract
  22. spin-off
    distribution to shareholders of the shares of a subsidiary held by a parent company
  23. statute
    formal written law created by a legislative body such as a parliament, as opposed to a law created through the courts
  24. Statute of Frauds
    piece of legislation which declares that certain kinds of contracts, for example those regarding land, pending marriage and the sale of goods worth over a certain amount of money, will be invalid unless put into writing and signed by both parties. The original statute was enacted in England in 1677 and serves as a basis for the US statutes.
  25. statutory forms
    forms required by law
  26. statutory lien
    security interest created by legislation due to the economic relationship between the debtor and the creditor
  27. stipulated damages
    see liquidated damages; The sum agreed by the parties to be paid, on a breach of a contract, by the party violating his engagement to the other. 2. It is difficult to distinguish, in some cases, between stipulated damages and a penalty; (q.v.) 3 Chitty's Commer. Law, 627; 2 Bos. & Pull. 346. The effect of inserting stipulated damages, either at law or equity, a pears to be, that both parties must abide by the stipulation, and the prescribed sum must be given.
  28. strike
    collective action by workers in which they stop working as a protest against management actions
  29. subject matter
    thing under consideration in a contract
  30. submit
    to deliver a document formally for a decision to be made by others