The Law Dictionary for Everyone
In the legal system, the term privity refers to a connection between parties to a contract. This includes parties who have mutual interest in, or successive rights to, the same property. Privity is an important concept in contract law, which requires that there be a direct relationship, or “privity,” for one party to enforce a contract against another party. To […]
Read moreConsideration meaning in law In the legal system, the term consideration in contract law refers to something of value given to someone in return for goods, services, or some other promise. A valid contract must include consideration for every party involved. In simple terms, consideration is the basic reason a party enters into a legal contract. To explore this concept, consider […]
Read moreTo indemnify means to compensate another party for losses or damages that have occurred, or which may occur in the future. It is a common practice for one party to guarantee it will compensate another party for any loss that may occur due to a contractual obligation. To explore this concept, consider the indemnify definition. Definition of Indemnify Verb […]
Read moreThe term bailment refers to the transfer of personal property to another person for safekeeping, or for the other person to control or use temporarily. A bailment is a form of contractual relationship, even if no contract has been signed. The person receiving the property (the “bailee”) has possession and control over the property for a specific period of time, […]
Read moreThe term real property refers to land, and any buildings, structures, and equipment permanently attached or fixed to the land. Ownership of real property also addresses ownership of whatever is growing on, or lies beneath the land. Often referred to as “real estate,” real property is one of the most important, and most lucrative, items bought, sold, and traded in […]
Read morePower of attorney refers to the granting of authority to one individual to make decisions for, and to act on behalf of, another individual. Power of attorney maybe granted for a wide variety of situations, and may be assigned for one specific purpose, or to allow the individual given power of attorney to handle all of the principle’s personal and […]
Read moreTo put it simply, a codicil is an amendment to an existing will. Creating a new will when circumstances change, or when the individual changes his or her mind, can be expensive. If the desired change or addition is not complex, stating the new wishes in a codicil is the easiest, and least expensive, way to update a will. Codicils […]
Read moreAlternative dispute resolution refers to any methods used to resolve a dispute between parties without resorting to litigation. Alternative dispute resolution (“ADR”) may make use of a third party, such as a mediator, but it is not required. One of the benefits of alternative dispute resolution is that it reduces the load on an overburdened court system. In addition, it […]
Read moreThe term “revocation” refers to the recall, cancellation, or annulment of something that has been granted, such as a privilege, an offer, or a contract. There are many forms of revocation, and the term applies to issues in civil as well as criminal law. For example, an offer may be revoked, privileges in military service may be revoked, and the […]
Read moreIn contract law, the term “rescission” refers to the undoing, or “unmaking” of a contract between parties. Rescission of a contract may be ordered by a court as an equitable remedy in a civil lawsuit, and is intended to bring the parties as close to the same position they were in before they entered into the contract as possible. While […]
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