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432 Cards in this Set
- Front
- Back
1. Rule of Law
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Established legal principles that treat all persons equally and that government itself obeys.
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Public Law
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Law that regulates the conduct of government and the relations between government and private persons.
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Private Law
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Law that regulates the relations between private persons and groups of private persons.
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Legal Liability
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Responsibility for the consequences of breaking the law
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Criminal Liability
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Responsibility arising from commission of an offence against the government or society as a whole
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Regulatory or Quasi-Criminal Liability
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Responsibility arising from breaches of less serious rules of public law often enforced through specialized regulatory tribunals set up by the government for specific purposes.
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Civil Liability
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Responsibility arising from a breach of a private law enforced through a lawsuit initiated by the victim
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Non-Governmental Organizations
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Voluntary non-profit associations of private individuals or groups working together to influence policy, raise awareness, or affect change.
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Super-Governmental Organizations
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Non-profit associations of governments from around the world working to find common approaches to international issues, such as the World Trade Organization or UN.
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Legal Risk
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Business activities, conduct, events, or scenarios that could expose a business to any type of legal liability.
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Legal Risk Management Plan
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plan developed by a business that identifies potential legal liability and provides preventive and remedial strategies
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Legal Audit
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review of each area, action and interaction of the business to identify potential legal liability and legal compliance risks.
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Corporate Social Responsibility
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concept that suggests business decision-makers consider ethical issues including the interests of customers, employees, creditors, the public and other stakeholders, in addition to legal and financial concerns.
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Code of Conduct
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common standard of behaviour that may take the form of a values statement or a prescribed set of rules.
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Basic Law
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constitution that is habitually obeyed by the citizens of a country and that they regard as legitimate and binding.
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Statute
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piece of legislation passed by government
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Regulations
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administrative rules implements by government as a result of authorization given in a statute.
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Case Law
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collection of individual cases decided by the courts that develop and shape legal principles.
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Ultra Vires
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beyond the power and therefore void
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Residual Powers
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powers that fall within federal jurisdiction because they are not expressly allocated to the provinces by the Constitution.
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Concurrent Powers
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overlapping powers of both levels of government to regulate the same activities.
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Human Rights
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recognized entitlements encompassing traditional freedoms associated with civil liberty and basic human necessities.
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Private Rights
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individual rights arising from private law.
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Burden
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requirement that, unless a party can establish facts and law to prove its case, it will lose.
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2. Substantive Law
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rights and duties that each person has in society
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Procedural Law
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law that deals with the protection and enforcement of substantive rights and duties
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Common Law
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case-based system of law originating in England and covering most of the english-speaking world - based on the recorded reasons given by courts for their decisions.
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Civil Law
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system of law involving a comprehensive legislated code, derived from Roman law that developed in continental Europe and greatly influenced by the Code Napoleon of 1804
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Roman Law
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system of law codified by the Eastern Roman Emperor Justinian in the 6th century
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Stare Decisis
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to stand by a previous decision
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Distinguish
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identification of a factual difference that renders a prior precedent inapplicable to the case before the court
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Overrule
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to declare an existing precedent no longer binding or effective
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Subordinate Legislation
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law created by administrative agencies whose authority is granted by statue in order to carry out the purposes of he legislation
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Codify
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set down or summarize in statute the existing common law rules governing a particular area of activity
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Strict Interpretation
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courts apply the provisions of a statue only where the facts of the case are covered specifically by the statute
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Liberal Approach
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statutory interpretation that considers the legislative intent purpose and history of the statute as wells the context of the language
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System of Courts
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organization of courts into a hierarchy that designates the responsibilities of the court and determines the importance of the precedent; the standard system has three levels: trial, appeal and final appeal.
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Canon Law
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law created by the Church, which had its own jurisdiction and courts in matters pertaining to itself, family law and wills
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Feudal Law
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system of land ownership rooted in sovereign ownership; land was handed down to lords who gave possession of parcels of land to lesser "royals" in exchange for military service and loyalty
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Merchant Law
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rules and trade practices developed by merchants in medieval trade guilds and administered by their own courts
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Writ
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ancient form required in order to take a grievance to court
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Courts of Chancery
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system of courts under the kings chancellor and vice-chancellors developed from hearing of petitions to the king - courts of equity.
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Equitable Remedies
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new remedies created by the courts of equity to address situations where money damages did not solve the problem
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Specific Performance
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an order by a court of equity to carry our a binding obligation
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Contempt of Court
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a finding by a court that a party has refused to obey it and will be punished
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Appellant
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the party who petitions for an appeal
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Respondent
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the party who defends on an appeal
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New Trial
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a case sent back by the appeal court for retrial by the lower court
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Rules of Civil Procedure
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the provincial regulations that set out the steps in a private lawsuit, including forms, fees and timelines
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Unincorporated Collectivity
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a group of persons that in most cases is not recognized by the courts and that may not sue or be sued
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Plaintiff
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the party that commences a private (civil) legal action against another party
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Class Action
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an action in which an individual represents a group of possible plaintiffs and the judgement decides the matter for all members of the class at once
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Res Judicata
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a case that has already been decided by a court and cannot be brought before a court again
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Settlement
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an out-of-court procedure by which on the parties agrees to pay a sum of money or perform an act in return for a waiver by the other party of all rights arising from the grievance
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Cousel
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lawyer representing a plaintiff or defendant
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Entering (filing) an Appearance
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filing notice of an intention to contest an action
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Statement of Defence
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a reply to a statement of claim, admitting facts not in dispute, denying other facts, and setting out facts in support of the defence
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Issuing
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commencing the lawsuit by filing a copy of the statement of claim with the court office
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Serving
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providing a copy of the issued claim to each defendant
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Cause of Action
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an event or set of event that gives rise to legal liability
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Counterclaim
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claim by the defendant arising from the same facts as the original action by the plaintiff to be tried along with that action
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Pleadings
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documents filed by each party to an action providing information it intends to prove in court
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Examination For Discovery
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process allowing either party to examine the other in order to narrow the issues
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Admissible Evidence
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evidence that is acceptable to the court
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Hearsay
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words attributed by a witness to a person who is not before the court
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Reserve Judgement
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postpone giving a decision after the hearing ends
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Costs
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funds paid by litigants to cover a portion of the government's expenses in maintaining the court system
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Legal Aid
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a system where the government pays for many legal services provided to low-income litigants
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Solicitor-Client Fee
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payment for the time and expenses of a lawyer in preparing a case and representing the client in negotiations to settle in court
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Party and Party Costs
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an award that shifts some of the costs of litigation to the losing side according to the published scale of fees
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Judicare
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model of legal aid in which lawyers agree to be paid according to government fee schedules for serving clients who qualify for legal aid
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Community Legal Services or Legal Clinic
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model of legal aid where legal services are delivered by community law offices with full-time staff lawyers and managed by boards elected by residents of the community
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Contingent or Contingency Fee
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fee paid for a lawyer's services only if the client is successful; there is no charge if the client is unsuccessful
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ADR
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Alternative Dispute Resolution - using private procedures instead of the courts to resolve disputes
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Arbitration
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a form of ADR where a dispute is referred to an arbitrator who adjudicates the matter and the parties agree to be bound by the arbitrator's decision, although there may be a right to appeal to the courts
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Adjudicate
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hear parties and deliver a decision with reasons
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Mediation
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a form of ADR where a neutral third party who is acceptable to both sides acts as a mediator, assisting the parties to reach a settlement
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Solicitor
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an "officer" lawyer in England who interviews clients, carries on legal aspects of business and family affairs and prepares cases for trial
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Barrister
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a lawyer in England who accepts cases from solicitors and presents them in court, and also acts as consultant in complex legal issues
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Brief
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a case handed by a solicitor to a barrister
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Notary
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a solicitor in Quebec
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Advocate
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a barrister in Quebec
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Attorney
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a lawyer in the US, encompassing the roles of both barrister and solicitor
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Disbarred
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expelled from the law society and deprived of the privilege of practicing law
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Solicitor-Client Privilege
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a client's right to have all communications with his or her lawyer kept confidential
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Paralegal
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a non-lawyer who provides some form of legal service to the public
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Retain or Retainer
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the contract between a lawyer and client that describes the work that will be done and the fee that will be charged
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Outside Counsel
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self-employed lawyers who work alone, in small partnerships, or in large national firms, and bill the business for services rendered
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In-House Counsel
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lawyer who provides legal services to a business as a full-time employee of the business
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Compliance Officers
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employees that monitor regulatory and legislative requirements applicable to the business and ensure that the business complies
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3. "No-Fault" Insurance
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a system of compulsory insurance that eliminates faults as a basis for claims
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Workers Compensation
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a scheme in which employers contribute to a fund used to compensate workers injured in industrial accidents regardless of how the accident was caused
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Vicarious Liability
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the liability of an employer to compensate for harm caused by an employer
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Negligence
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the careless causing of injury to the person or property of another
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Duty of Care
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a relationship so close that one must take reasonable steps to avoid causing harm to the other
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Standard of Care
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the level of care that a person must take in the circumstances
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Causation
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injury resulting from the breach of the standard of care
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Remote
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unrelated or far removed form the conduct
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Damages
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a sum of money awarded as compensation
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Res Ipsa Loquitur
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the facts speak for themselves
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Contributory Negligence
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negligence of an injured party that contributes to her own loss or injury
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Mitigate
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duty to act reasonably and quickly to minimize the extent of damage suffered
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Subrogation
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where one person becomes entitled to the rights and claims of another
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Duty to Warn
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to make users aware of the risks associated with the use of the product
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Invitee
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a person permitted by an occupier to enter premises for business purposes
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Licensee
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a visitor (other than an invitee) who enters premises with the consent of the occupier
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Trespasser
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a person who enters a premises without the permission of the occupier
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Intentional Torts
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torts involving conduct that was not accidental
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Inducing Breach of Contract
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intentional causing of one person to breach his contract with another
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Deceit
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knowingly making a false statement with a view to its being acted upon by another person
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Conversion
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dealing with the goods of another in a manner that is inconsistent with the other's ownership
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Public Nuisance
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interference with the lawful use of public amenities
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Private Nuisance
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interference with an occupier's use and enjoyment of her land
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Trespass
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unlawful entering or remaining on the land of another
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Assault
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the threat of violence to a person
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Battery
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unlawful physical contact with a person
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Fals Imprisonment
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unlawfully restraining or confining another person
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False Arrest
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causing a person to be arrested without reasonable cause
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Malicious Prosecution
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causing a person to be prosecuted for a crime without an honest belief the the crime was committed
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Defamation
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making an untrue statement that causes injury to the reputation of another person
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Libel
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written defamation
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Slander
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spoken defamation
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Absolute Privilege
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complete immunity from liability for defamation
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Qualified Privilege
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immunity from liability for defamation provided a statement was made in good faith
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Unlawful Interference with Economic Relations
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attempting by threats or other unlawful means to induce one person to discontinue business relations with another
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Product Defamation
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making false and damaging statements about the products of another person
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Passing Off
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representing one's own goods as those of another
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Punitive or Exemplary Damages
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damages awarded with the intention of punishing a wrongdoer
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Special Damages
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damages to compensate for quantifiable injuries
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General Damages
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damages to compensate for injuries that cannot be expressed in monetary terms
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Restitution
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an order to restore property wrongfully taken
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Injunction
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an order restraining a person from doing, or continuing to do, a particular act
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Mandatory Injunction
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an order requiring a person to do a particular act
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Legal Risk
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a business risk that may involve legal proceedings
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4. Fiduciary Duty
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a duty imposed on a person who stands in a special relation of trust to another
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Conflict of Interest
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a situation where a duty is owed to a client whose interests conflict with the interests of the professional, another client, or another person to whom a duty is owed
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Third-Party Liability
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liability to some other person who stands outside a contractual relationship
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Duty to Account
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the duty of a person who commits a breach of true to hand over any profits derived from that breach
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Deceit
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the making of false statement with the intention of misleading another person
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Fraudulent Misrepresentation
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an incorrect statement made knowingly with the intention of causing injury to another
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Negligent Misrepresentation
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an incorrect statement made without due care for its accuracy
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Disclaimer
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an express statement to the effect that the person making it takes no responsibility for a particular action or statement
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Code of Conduct
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rules of a professional organization setting out the duties and appropriate standards of behaviour to be observed by its members
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Privilege
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the right of a professional to refuse or divulge information obtained in confidence from a client
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26. Sole Proprietorship
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unincorporated business owned by a single individual
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Partnership
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relationship between two or more persons carrying on a business with a view to profit
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Firm
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collective reference to the partners in a partnership
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Partnership Agreement
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agreement between person to create a partnership and setting out terms of the relationship
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Joint Liability
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situation where each of a number of persons is personally liable for the full amount of the debt
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Limited Partnership
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some of the partners limit their liability to the amount of their capital contributors
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General Partner
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partner in a limited partnership who's liability is not limited
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Limited Partner
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in a limited partnership; liability is limited to the amount of his or her capital contribution
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Limited Liability Partnership
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non-negligent partners are not personally liable for losses caused by the negligence of a partner
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Contractual Joint Venture
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effected by an agreement without the creation of any separate legal entity
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Equity Joint Venture
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corporation formed and jointly owned by the parties to a joint venture for the purposes of carrying on the venture
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Declaration of Trust
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agreement that establishes a trust and designates the trustees
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Unitholders
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beneficiaries of and income trust
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Joint Venture
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business venture undertaken jointly by two or more parties
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27. Legal Person
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entity recognized at law as having its own legal rights, duties & responsibilities
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Corporation
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legal person formed by incorporation
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Limited Liability
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the liability of shareholder is limited to the amount of their capital contributions
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Ultra Vires
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beyond the powers
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Associated Corporations
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corporations related either vertically (one controls the other) or horizontally (both corporations are controlled by same person
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Royal Charter
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special license given by crown to form a corporation for the purpose of carrying on a particular activity (i.e. Hudsons Bay Company)
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Special Acts of Parliament
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legislative acts creating a specific corporation (CBC, Air Canada, Utilities, etc.)
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Memorandum of Association
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document setting out the essential terms of an agreement to form a corporation
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Certificate of Incorporation
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certificate that corporation has come into existence
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Letters Patent
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document incorporating a corporation issued by the appropriate authority and constituting the "charter" of the corporation
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Article of Incorporation
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founding corporate document, often referred to as the sharer or constitution of the corporation
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Private Company
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restricted number of shareholders prohibited from issuing its shares to the general public
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Distributing Corporation
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issues its securities to the public (publicly traded corporation)
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Professional Corporation
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special type of business corporation that may be formed by members of a profession
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Authorized Capital
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max # of shares a corporation can issue according to its charter
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Issued Capital
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shares issued by a corporation
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Paid-Up Capital
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shares issued and fully paid for
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Sated Capital Account
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amount received for the issue of shares
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Share
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a members proportionate interest in the capital of a corporation
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Par Value
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nominal value attache to a share at the time of issue
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No Par Value Share
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share with no nominal value attached
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Preferred Share
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share carrying preferential rights to receive a dividend and/or be redeemed on the dissolution of the corporation
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Bond
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document evidencing a debt owed by the corporation
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Common Share
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share carrying no preferential right
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Cumulative Right
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right of a preferred share holder to be paid arrears from previous years before any dividend is paid on the common shares
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Participation Right
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preferred share holder right to participate in surplus profits or assets of the corporation in addition to the amount of the preferred dividend or redemption price
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28. Corporate Governance
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rules governing the organization and management of the business & affairs of a corporation in order to meet its internal objectives and external responsibilities
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Publicly Traded Corporations
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corporations that issue shares to the public, also known as public corporations, reporting issuers, and issuing corporations
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Public Offering
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selling shares to the public, which must be done in compliance with provincial securities regulations
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Board of Directors
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governing body of a corporation, responsible for the management of its business and affairs
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Officers
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high-ranking members of a corporation's management team as defined in the by-laws or appointed by the directors; such as the president, vice-president, controller, CEO, CFO, general counsel and general manager
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Audit Committee
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group of directors responsible for overseeing the corporate audit and the preparation of financial statements. The committee has wider responsibilities in a distributing corporation
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Compensation Committee
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responsible for setting director and officer pay
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Nominating Committee
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responsible for proposing and recruiting new directors
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Cumulative Voting
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method of electing directors by a form of proportional representation
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Due Diligence Defence
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establishing that an acceptable standard of care and skill was exercised by a director or officer
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Business Judgement Rule
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courts will defer to the business decisions of the directors and officers provided they are arrived at using an appropriate degree of prudence and diligence
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Insider Trading
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the use of confidential information relating to a corporation in dealing with its securities
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General Meeting of Shareholders
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a formal meeting of shareholders at which they are able to vote on matters concerning the corporation
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Annual General Meeting
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the general meeting of shareholders that is required by law to be held each year to transact certain specified business
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Special Meeting
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any general meeting of shareholders other than the annual general meeting
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Ordinary Resolution
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resolution adopted by the general meeting and passed by a simple majority
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Special Resolution
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resolution of the general annual meeting required to be passed by a special (usually two-thirds) majority
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Class Rights
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special rights attached to a particular class of share
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Proxy
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a person appointed to attend a general meeting of shareholders and to cast the votes of the shareholder appointing him or her
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Proxy Form
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a form required to circulated to shareholders before a general meeting, inviting them to appoint a proxy if they so wish
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Dividend
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a distribution to shareholders of the profits of the corporation
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Financial Statements
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annual accounts that are required to be presented to the shareholders at the annual general meeting
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Documents of Record
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documents that a corporation is required to keep and make available to shareholders
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Annual Report
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the report on the business and affairs of the corporation, which the directors are required to present at the annual general meeting
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Inspector
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a person appointed by the court to investigate the affairs of a corporation
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Appraisal Remedy
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the right to have one's shares bought by the corporation at a fair price
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Derivative Action
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proceedings brought by one or more shareholders in the name of the corporation in respect of a wrong done to the corporation
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Winding Up
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the dissolution (or liquidation) of a corporation
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Oppression Remedy
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a statutory procedure allowing individual shareholders to seek a personal remedy if they been unfairly treated
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Shareholder Agreement
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an agreement between two or more shareholders that is distinct from the corporation's charter and by-laws
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Unanimous Shareholder Agreement
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a shareholder agreement to which all shareholders are parties
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29. Stakeholders
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groups affected by the business activities of a corporation
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Regulatory Offences
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less-serious offences created by government regulation through specialized legislation, agencies and tribunals
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mens rea Offence
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an offence where the prosecution must establish a "guilty mind" on the part of the defendant
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Strict Liability Offence
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an offence where there is a presumption of guilt unless the defendant can show that he or she took reasonable care
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Absolute Liability Offence
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an offence where the absence of fault is no defence
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Reduction of Capital
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writing down (reducing) the stated amount of a corporation's capital
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Insolvency
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having liabilities in excess of the realizable value of one's assets or being unable to pay one's debts and they fall due
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Securities Commission
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the statutory authority appointed to supervise the issue of securities to the general public, the operation of the securities industry and the stock exchange
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Prospectus
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document that a corporation is required to publish when inviting the public to subscribe for its securities
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Non-Public Purchasers
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purchasers that are not members of the general public such as banks, insurance companies and municipal corporations
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Takeover Bid
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an offer by one corporation to acquire all or a substantial part of the shares of another corporation
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Directors' Circular
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document required to be issued to the shareholders by the board of directors when a takeover of a widely held corporation is proposed
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Indoor Management Rule
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principle that a person dealing with a corporation is entitled to assume that its internal procedural rules have been complied with unless it is apparent that such is not the case
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Pre-Incorporation Contract
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a purported contract made in the name of a corporation before it comes into existence
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Senior Officer
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a representative who plays an important role in establishing an organization's policies or is responsible fore managing an important aspect of its activities, including the directors, CEO and the CFO of a corporation
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Offer
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a tentative promise made by one party, subject to a condition or containing a request to the other party
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Offeror
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person making the offer
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Offeree
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person to whom the offer is made
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Standard Form Contract
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an offer presented in a printed document or notice, the terms of which cannot be changed by the offer, but must be accepted as-is or rejected
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Lapse
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termination of an offer when the offer fails to accept it within a specified time, or if no time is specified, then within a reasonable time
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Option
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a contract to keep an offer open for a specified time in return for a sum of money
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Exercise an Option
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to accept the offer contained in an option
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Inviting Tenders
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seeking offers from suppliers
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Standing Offer
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an offer that may be accepted as needed from time to time
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Jurisdiction
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the province, state or country whose laws apply to a particular situation
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Unilateral Contract
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contract in which the offer is accepted by performing an act or series of acts required by the terms of the offer
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Subsidiary Promise
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an implied promise that the offeror will not revoke once the offer begins performance in good faith and continues to perform
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Bilateral Contract
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contract where offeror and offer trade promises and both are bound to perform
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Gratuitous Promise
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promise made without bargaining for or accepting anything in return
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Past Consideration
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gratuitous benefit previously conferred upon a promisor
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Moral Cause
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moral duty of promisor to perform his promise
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Estopped
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prevented
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Promissory Estoppel or Equitable Estoppel
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court's exercise of its equitable jurisdiction to estop a promisor from claiming that she was not bound by her gratuitous promise where reliance on that promise caused injury to the promisee
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Injurious Reliance
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loss or harm suffered by a promisee who to his detriment relied reasonably on the gratuitous promise
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Quantum Meruit
|
amount a person merits to be paid for good or services proved to the person requesting them
|
|
Covenant
|
a serious promise
|
|
Covenantor
|
one who makes a covenant
|
|
Document Under Seal
|
covenant recorded in a document containing a wax seal, showing that the covenantor adopted the document as his act and deed
|
|
Deed
|
document under seal which today is usually a small, red, gummed wafer
|
|
Legal Capacity
|
competence to bind oneself legally
|
|
Repudiate
|
reject or declare an intention not to be bound by
|
|
Minor or Infant
|
person who has not attained the age of majority according to the law of his/her province
|
|
Age of Majority
|
age at which a person is recognized as an adult according to the law of his/her province
|
|
Guardian
|
person appointed to manage the affairs of a minor in the place of his/her parents
|
|
Necessaries
|
essential goods & services
|
|
Beneficial Contracts of Service
|
contracts of employment or apprenticeship found to be for a minor's benefit
|
|
Voidable Contract
|
contract that may be a rendered unenforceable at the option of one of the parties
|
|
Ratify
|
acknowledge and promise to perform
|
|
Void
|
never formed in law
|
|
Representative Action
|
action brought by one or more persons on behalf of a group having the same interest
|
|
Alien
|
non-citizen
|
|
Aboriginal Peoples
|
indian, inuit and metis peoples of Canada
|
|
Legal
|
not offensive to the public good and not violating any law
|
|
Severed
|
removed from the contract
|
|
Wager
|
agreement between two persons in which each has some probability of winning or losing
|
|
Insurable Interest
|
interest where a person has a financial benefit from the continued existence of the property or life insured or would suffer financial detriment from its loss or destruction
|
|
Rebut
|
overcome
|
|
Guarantee
|
conditional promise to pay only if the debtor defaults
|
|
Indemnity
|
promise by a third party to be primarily liable to pay the debt
|
|
Miscarriage
|
injury caused by the tort of another person
|
|
Unenforceable Contract
|
contract that still exists for other purposes but neither party may obtain a remedy under it through court action
|
|
Past Performance
|
performance begun by a plaintiff in reliance on an oral contract relating to an interest in land and accepted by the courts as evidence of the contract in place of a written memorandum
|
|
"Acceptance"
|
any conduct by the buyer in relation to the goods that amounts to recognition of an existing contract of sale
|
|
Part Payment
|
something tendered by the buyer and accepted by the seller after formation of the contract, to be deducted from the price
|
|
"Earnest"
|
a token sum or article given to seal a bargain - now a rare practice
|
|
Construing
|
interpreting
|
|
Strict or Plain-Meaning Approach
|
approach that restricts interpretation to the ordinary or dictionary meaning of a word
|
|
Liberal Approach
|
approach that looks tot he intent of the parties and surrounding circumstances and tends to minimize but does not ignore the words actually used
|
|
Contra Proferentem
|
rule of contract interpretation that prefers the interpretation of a clause that is least favourable to the party that drafted the clause
|
|
Exemption Clause
|
a clause in a contract that exempts a party from liability
|
|
Parol Evidence Rule
|
rule preventing a party to a contract from later adding a term previously agreed upon but not included in the final written contract
|
|
Collateral Agreement
|
separate agreement between the parties made at the same time as, but not included in, the written document
|
|
Implied Term
|
term not expressly included by the parties in their agreement but which, as reasonable people, they would have included had they thought about it
|
|
Third Party
|
person who is not one of the parties to a contract but is affected by it
|
|
Privity of Contract
|
relationship that exists between parties to a contract
|
|
Vicarious Performance
|
third party performs on behalf of the promisor who remains responsible for proper performance
|
|
Exemption Clause
|
clause in a contract that exempts a party from liability
|
|
Trust
|
arrangement that transfers property to a person who administers it for the benefit of another person
|
|
Trustee
|
person or company who administers a trust
|
|
Beneficiary
|
person who is entitled to the benefits of a trust
|
|
Beneficial Owner
|
person who, although not the legal owner, may compel the trustee to provide benefits to him
|
|
Trust Agreement
|
document that conveys property to a trustee to be used for the benefit of a third party beneficiary
|
|
Constructive Trust
|
relationship that permits a third party to obtain performance of a promise included in a contract for his benefit
|
|
Undisclosed Principal
|
contracting party who, unknown to the other party, is represented by an agent
|
|
Collateral Contract
|
implied contract that binds a party who made a representation or promise that induced a person to enter into a contract with another party
|
|
Assignor
|
party that assigns its rights under a contract to a third party
|
|
Assignee
|
third party to whom rights under a contract have been assigned
|
|
Assignment
|
transfer by a party of its rights under a contract to a third party
|
|
Choses in Possession
|
rights to tangible property that may be possessed physically
|
|
Choses in Action
|
rights to intangible property such as patents, stocks and contracts that may be enforced in the courts
|
|
Statutory Assignment
|
assignment that complies with statutory provisions enabling the assignee to sue the other party without joining the assignor to the action
|
|
Equitable Assignments
|
assignment other than a statutory assignment
|
|
Executor
|
personal representative of a deceased person named in his or her will
|
|
Intestate
|
when a person dies without leaving a will
|
|
Administrator
|
personal representative of a person who dies intestate
|
|
Receiving Order
|
court order to commence bankruptcy proceedings
|
|
Bankrupt
|
declared insolvent by the court
|
|
Negotiable Instrument
|
written contract containing a promise, express or implied, to pay a specific sum of money to the order of a designated person or to "bearer"
|
|
Negotiation
|
process of assigning a negotiable instrument
|
|
Endorse
|
sign one's name on a negotiable instrument
|
|
Holder
|
party who acquires a negotiable instrument from the transferor
|
|
22. Trademark
|
identifiable feature that is used by a person for the purpose of distinguishing their goods/services from those of others
|
|
Certification Mark
|
special type of trademark used to identify goods or services that conform to a particular standard
|
|
Distinguishing Guise
|
shaping of goods or their containers, or a distinctive mode of wrapping/packaging
|
|
Passing-Off
|
misrepresenting goods, services of business in such a way as to deceive the public into believing that they are the goods, services or business of some other person
|
|
Goodwill
|
benefit and advantage of the good name, reputation and connections of a business
|
|
World Intellectual Property Organization
|
specialized agency of the UN dedicated to harmonizing intellectual property laws and regimes worldwide
|
|
Digital Rights Management Technology
|
system of collecting data about the licensing, payment, use and authenticity of a work
|
|
Moral Rights
|
permanent rights of an author or creator to prevent a work from being distorted or misused
|
|
Performing Rights Society
|
society to which authors of musical and dramatic works assign performing rights and which grants licenses for performances
|
|
Format Shifting
|
transferring purchased material, such as music, from one to the owners devices to another
|
|
Patent Agent
|
registered agent who pursues applications for patents on behalf of individual inventors
|
|
Specification
|
description of the invention, its use, operation or manufacture
|
|
Claim
|
statement of the features claimed to be new and in respect of which the applicant claims an exclusive right
|
|
Action for Impeachment
|
action challenging the validity of a patent
|
|
Compulsory License
|
license granted to a person to work a patent without the consent of the owner of the patent
|
|
23. Land
|
comprises the surface, all that is under the surface, including the minerals and oil, and everything above the surface, including buildings
|
|
Fixtures
|
all things permanently attached to land are deemed part of the land
|
|
Property
|
(1) everything that is the subject of ownership or (2) the legal interest in a thing
|
|
Title
|
holding ownership of a thing
|
|
Real Action
|
action to repossess an interest in land that had been interfered with
|
|
Estates In Time
|
right to exclusive possession of the land for a period of time
|
|
Interests Less than Estates
|
interests in land that do not give the right to exclusive possession
|
|
Freehold Estate
|
interest in land that is indeterminate in time
|
|
Fee Simple
|
interest in land closest to complete ownership
|
|
Life Tenant
|
holder of a life estate
|
|
Reversion
|
balance of a fee simple reserved to the grantor and her heirs at the end of a life estate
|
|
Remainder
|
balance of a fee simple that goes to a third person at the end of a life estate. Unfortunately life estates create many problems
|
|
Remainderman
|
person who holds the reversion or remainder in a fee simple
|
|
Leasehold
|
interest in land for a definite period of time
|
|
Lessee or Tenant
|
person to whom an interest in a leasehold estate is granted
|
|
Lessor or Landlord
|
grantor of an interest in a leasehold estate
|
|
Tenants In Common
|
concurrent holders of equal undivided shares in an estate
|
|
Joint Tenants
|
concurrent holders each of whom has a right of survivorship
|
|
Right of Survivorship
|
right of a surviving tenant to the interest of a deceased joint tenant
|
|
Probate
|
process of administering and settling the estate of a deceased person
|
|
Severance
|
procedure that turns a joint tenancy into a tenancy in common
|
|
Easement
|
right enjoyed by one landowner over the land of another for a special purpose but not for occupation of the land
|
|
Right-of-Way
|
easement that gives the holder a right to pass back and forth over the land of another in order to get to and from her own land
|
|
Dominant Tenement
|
piece of land that benefits from an easement
|
|
Servient Tenement
|
land subject to the easement
|
|
Prescription
|
creation of an easement over adjoining land through exercising a right continuously and openly
|
|
Restrictive Covenant
|
convenant requiring the holder of the land to refrain from certain conduct or certain use of the land
|
|
Building-Scheme Covenant
|
restrictive covenant that regulates land use over an entire neighbourhood or a shopping centre
|
|
Dower
|
window's right to a life interest in one-third of the real property held by her husband in fee simple before his death
|
|
Condominium Unit
|
unit in a multiple-unit development that may be owned in fee simple
|
|
Common Elements
|
structures and areas external to a condominium unit, including communal facilities
|
|
Condominium Corporation
|
corporation - whose members are the condominium owners - that is responsible for managing the property as a whole
|
|
Deed of Conveyance or Deed
|
document under seal that transfers an interest in land from the owner to another party
|
|
Transfer
|
under the land titles system the equivalent of a grant; not required to be made under seal
|
|
Reservation
|
that part of an interest in land expressly retained by the transferor
|
|
Expropriation
|
compulsory sale and transfer of land to a public body
|
|
Extinguish the Title
|
end the title of the owner and the owners right to regain possession
|
|
Adverse Possession
|
exclusive possession of land by someone who openly uses it like an owner and ignores the claims of other persons including the owner
|
|
Limitation Period
|
time period within which a right of action must be pursued or it is lost forever
|
|
Title Searchers
|
paralegals trained in land law who study the public registration systems and produce summaries of the registered interests affecting the title to specific real property
|
|
Priority of Registration
|
priority of interests in real property are determined based on the order of registration in the public system; earlier registrations have priority over subsequent registrations
|
|
Chain Title
|
series of grants over the title search period that can be traced to the current owner (vendor)
|
|
Searching a Title
|
examine the title to a piece of land
|
|
Land Titles System
|
system of land registration where the land titles office brings all outstanding interests in the land up-to-date and certifies them as being correct
|
|
Certificate of Title
|
summary of registered interests in a property, showing the owner and any mortgages, easements, or other interests held by others which may be relied upon by the public
|
|
Title Fraud
|
fraudulent transfer or mortgaging of land by a non-owner
|
|
Survey
|
detailed drawing or map of the real property showing all the boundaries of the land and the location of all fixtures, encroachments, or overhangs
|
|
Levy Execution
|
to seize and hold a sale of land in order to realize the amount due under a judgement registered against the owner
|
|
Title Insurance
|
poly of insurance that compensates the policy holder for defects in a title
|
|
24. Term
|
interest in land for a definite period of time
|
|
Lease
|
(1) leasehold interest and (2) the agreement between landlord and tenant creating the leasehold interest
|
|
Residential Tenancies
|
lease of premises used as living accommodation
|
|
Commercial Tenancies
|
lease of premises used for a business or non-residential purpose
|
|
Term Certain
|
tenancy that expires on a specific date
|
|
Overholding Tenant
|
tenant who remains on the premisses without a new agreement with the landlord after the term of the lease expires
|
|
Periodic Tenancy
|
leasehold interest that renews itself automatically on the last day of the term for a further term of the same duration
|
|
Tenancy from Year to Year
|
periodic tenancy that renews itself yearly
|
|
Trespasser
|
one who enters without consent or lawful rich on the lands of another or who, having entered lawfully, refuses to leave when ordered to do so by the owner
|
|
Covenant
|
term or promise contained in a lease
|
|
Exclusive Use Clause
|
landlords promise not to rent adjoining premises to any other entity of the same or competing business as the tenant
|
|
Waste
|
damage tot eh premises that reduces its value
|
|
Covenant of Quite Enjoyment
|
landlord's promise to do nothing to interfere with the tenant's possession and use of the premises
|
|
Additional Rent
|
tenant's proportionate share of maintenance costs, utilities and taxes
|
|
Surrender
|
abandonment of the premises by the tenant during the term of the lease
|
|
Right of Re-Entry
|
landlords remedy of evicting the tenant for failure to pay rent or breach of another major covenant
|
|
Distress
|
right of the landlord to seize assets of the tenant found on the premises and sell them to realize arrears of rent
|
|
Notice to Quit
|
notice of an intention to bring the tenancy to an end
|
|
Fixtures
|
objects that are attached to the land or to a building or other fixture on the land
|
|
Trade Fixture
|
object attached to the premises for the purpose of carrying on a trade or business
|
|
Tenant's Fixture
|
trade fixture or any other fixture attached for the convenience of the tenant or for the better enjoyment of that object
|
|
Privity of Estate
|
relationship between tenant and landlord created by their respective interest in the land that passes to a transferee of the interest
|
|
Leaseback
|
financial arrangement enabling a business to buy a building and sell it to a financial institution that, in turn, gives a long-term lease of the property back to the business.
|
|
25. Mortgage
|
loan contract that gives the lender an interest in the borrower's land as security for a debt
|
|
Mortgagor
|
borrower who gives his lender an interest in his land as security for repayment of a debt
|
|
Mortgagee
|
lender who accepts the interest in the land as security for a loan
|
|
Maturity Date
|
end of the term when debt must be repaid
|
|
Calculation Period
|
states at which accrued interest is added to principal
|
|
Amortization Period
|
length of time it should take to repay an entire debt
|
|
Term
|
time period during which an interest rate is fixed and principal lent
|
|
Mortgage Commitment
|
document in which parties to a mortgage initially agree to borrow and lend
|
|
Acceleration Clause
|
clause stating that upon default of any instalment, the whole of the principal sum of the mortgage and accrued interest immediately falls due
|
|
Legal Title
|
interest in land recognized by the common law
|
|
Redeem
|
have the land reconvened to the mortgagor
|
|
Equity of Redemption or Equity
|
right of the mortgagor to redeem mortgaged land on payment of the debt in full
|
|
Foreclosure
|
order by a court ending the mortgagor's right to redeem within a fixed time
|
|
Charge
|
lien or encumbrance on land
|
|
Chargor
|
mortgagor
|
|
Chargee
|
mortgagee
|
|
Power of Sale
|
right upon default to sell mortgaged land
|
|
Assumption
|
subsequent purchaser takes over the responsibility of paying off the mortgage
|
|
Closed Mortgage
|
mortgage that does not permit early repayment of the debt without a substantial penalty
|
|
Closing Date
|
date for completing a sale of property
|
|
General Creditor
|
creditor that has no security other than the debtors promise to pay
|
|
Secured Creditor
|
creditor that has collateral security in the form of a prior claim against specified assets of the debtor
|
|
Open Mortage
|
mortgage permitting repayment of the debt at any time without notice or bonus
|
|
Partial Discharge
|
discharge of a definite portion of the mortgaged lands
|
|
Reverse Mortgage
|
form of mortgage under which no repayment is due until the mortgagor sells or dies
|
|
Lising Agreement
|
contract between the vendor and his real estate agent creating the obligation to pay commission
|
|
Requisitions
|
questions concerning claims against a seller's title to property
|
|
Transfer
|
electronic grant that both lawyers will authorize for registration
|
|
Statement of Adjustments
|
document setting out all the items - both credits & debits - that must be adjusted between the parties to arrive at the correct amount to be paid
|