The Law Dictionary for Everyone
The Securities and Exchange Commission (SEC) is a governmental organization created by Congress. The purpose of the SEC is to protect investors and to keep securities markets fair and functional. The SEC advocates for full disclosure to the public, protects investors from fraudulent and manipulative practices, and oversees corporate takeovers that occur within the U.S. To explore this concept, consider […]
Read moreThe Sarbanes-Oxley Act is a federal law that was enacted on July 30, 2002 in reaction to the major corporate scandals that were going on at that time, such as that which involved the infamous Enron. Included in the bill are responsibilities entrusted to the boards of directors for public corporations, along with the criminal penalties that can be enforced […]
Read moreThe Sherman Antitrust Act was established as a way to keep competition fair in the business world. It did this by making it a crime to monopolize any part of the trade or commerce systems. The term “antitrust” refers to the laws that are put in place to protect commerce from unfair business practices that could limit competition and, as […]
Read moreThe TN visa is a visa that was created under the North American Free Trade Agreement (NAFTA). The NAFTA is an agreement that exists among Canada, the United States, and Mexico. A TN visa (TN stands for Treaty NAFTA) grants American, Canadian, and Mexican citizens the right to work in a professional occupation in one of the other two countries […]
Read moreThe act of trespassing is knowingly entering another person’s property without that person’s permission. Trespassing is a criminal offense, with penalties ranging from a violation to a felony. When someone commits a trespass against another person, rather than against his property, then the trespasser can be charged with assault or battery. To explore this concept, consider the following trespassing definition. […]
Read moreA title company ensures that the title assigned to a piece of property is valid, and free of liens and other encumbrances. If the title is valid, then the title company issues title insurance to on that piece of property to assure the buyer that the property can be sold. Title insurance protects either the lender, the owner, or the […]
Read moreUltra vires is a Latin phrase that translates to “beyond the powers.” This means that someone is acting beyond the scope of the authority or power that is granted to him by law, contract, or agreement. Ultra vires is opposite from intra vires, which is Latin for “within the powers.” If someone needs the legal authority to do something, and […]
Read moreThe term vagrancy refers to the act of being homeless, without evident means of supporting oneself when able to work. As far as vagrancy laws are concerned, this definition is combined with such acts as loitering, being drunk in public, prostitution, and other actions. Vagrancy has historically been a criminal act, the specifics of which varied by jurisdiction, often at […]
Read moreThe term reasonable suspicion refers to a standard by which police officers are judged to have authority to briefly detain a person. Reasonable suspicion is a less strict standard then probable cause, but has very limited applications. To explore this concept, consider the following reasonable suspicion definition. Definition of Reasonable Suspicion Noun A legal standard giving law enforcement the right […]
Read moreA testamentary trust is a trust that is specified in a person’s will, and that is handled upon that person’s death. A will can contain more than one testamentary trust. Testamentary trusts are different from inter vivos (“living”) trusts, which are trusts that are created and handled while the creator is still alive. To explore this concept, consider the following […]
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