The Law Dictionary for Everyone
A promissory note is a financial tool used to put the terms of a loan in writing. The note spells out the amount borrowed by one party, as well as how and when the money will be paid back. A promissory note is a legal contract that binds the borrower by law. If the borrower fails to repay the money […]
Read moreA non disclosure agreement is a legal contract in which the parties involved agree to keep the information included private. This type of contract creates a confidential relationship between the parties, and protects the confidential or proprietary information outlined in the agreement, as breaching a non disclosure agreement generally subjects the party to severe civil penalties. To explore this concept, […]
Read moreParol evidence specifically refers to oral testimony given in court, though the term is most commonly used in the context of contract law, where it refers to extraneous or superfluous evidence, such as an oral or written agreement that was not part of the original contract. The parol evidence rule states that once a written agreement has been signed by […]
Read moreA lease agreement is an arrangement, made between two parties, that allows one of those parties to use an asset belonging to the owner. Typically, lease agreements are used for rental properties, but they are also used for rentals of vehicles, household appliances, construction equipment, and other items. A lease agreement is a legal contract designed to protect both the […]
Read moreInformed consent is the act of agreeing to allow something to happen, or to do something, with a full understanding of all the relevant facts, including risks, and available alternatives. That full knowledge and understanding is the necessary factor in whether an individual can give informed consent. This type of consent applies to many situations in life, including making decisions about […]
Read moreThe legal term exculpatory describes evidence in a criminal matter that is favorable to, or tends to absolve, the defendant. This type of evidence may justify or excuse the defendant’s actions, or show that the defendant is not guilty at all. Exculpatory evidence is the opposite of inculpatory evidence, which incriminates the defendant, or proves his guilt. To explore this […]
Read moreSubrogation refers to substitution of one person into another’s place in regards to a legal right, demand, or other lawful claim. The individual who takes another’s place by subrogation incurs the rights of the original party in the matter. Subrogation is most commonly seen in insurance claims, where an insurance company, having made payment to its insured, steps into the […]
Read moreContract law is a body of law that governs, enforces, and interprets agreements related to an exchange of goods, services, properties, or money. According to contract law, an agreement made between two or more people or business entities, in which there is a promise to do something in return for a gain or advantage, is legally binding. Contract law is […]
Read moreAs a legal term, confidentiality refers to a duty of an individual to refrain from sharing confidential information with others, except with the express consent of the other party. There are rules and regulations which place restrictions on the circumstances in which a professional, such as a doctor or attorney, may divulge information about a client or patient, and other […]
Read moreThe Latin term quantum meruit, translates to “as much as he has earned,” and refers to the actual value of services rendered. The legal theory of quantum meruit holds that a person should not be obliged to pay, nor should the other party receive, more than the value of the services exchanged. This concept may be used as an equitable […]
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