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22 Cards in this Set
- Front
- Back
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Engagement letter |
A letter from a lawyer to a client that formally acknowledges that the firm has accepted the client's case and sets forth the terms of the representation. |
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Companion cases |
Two or more appellate cases that are connected because they involve the same parties in similar legal situations or different parties with the same legal issue. |
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Promissory note |
A written promise where one party promises to pay someone else a certain sum of money at a definite time. Promissory notes are part of what are known as negotiable instruments. |
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Liquidated damages clause |
A part of a contract that predetermines the monetary damages one party would owe the other in the event of breach of contract. Liquidated damages need to be a reasonable estimate of the damages suffered in order to be valid. |
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Prenuptial agreement |
A contract entered into by two people intending to marry each other in which the people agree in writing to their respective property rights in the event of divorce or death. |
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Recuse |
When someone such as a judge or other person of influence removes him or herself from participation in a matter because of a conflict of interest. |
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Shareholders derivative lawsuit |
A lawsuit in which a shareholder of a corporation on behalf of the corporation sues the corporation's board of directors alleging that their actions have harm the corporation. Any benefits from the derivative lawsuit flows into the corporation not personally to the shareholder. |
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I n t e s t a t e |
The legal status of someone who dies without having left a will which includes having a will that is later deemed invalid |
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Trust |
A legal mechanism where property is held by one party for the benefit of another. I trust is created when the donor transfers the property into the trust or the trustee holds the legal title to the property. |
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Mandamus |
A Latin term that means we command. A writ of mandamus is a court order compelling a government official which includes the lower courts to do something over which it has no discretion. |
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Amicus curiae |
The Latin phrase that means Friend of the Court. An amicus curiae brief is a brief filed by one who is not a party to the lawsuit but who believes the court needs to read legal perspective presented in the Amicus brief in order to make a correct decision. |
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Insider trading |
The buying or selling of a company stock by the company's Insider's based on the information the Insiders know and before that information is released to the public. Insiders are usually defined as executive officers, directors, or shareholders of a corporation owning at least 10% stock. |
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Appearance of impropriety |
A standard of ethical conduct, found in the model code of professional responsibility, and which lawyers are advised to avoid certain activities because those activities look bad, rather than actually being bad. |
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At-will employee |
An employee who is not in a formal Employment contract that calls for a term of employment or protection against being fired without cause. Employment at will is a common law doctrine that can be altered by Statute or public policy exceptions. |
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Champerty |
An agreement between the lawyer and client where the lawyer agrees to pay the cost of the litigation in exchange for the client transferring to the lawyer the clients ownership and any future judgment. The historical prohibition of champerty has been relaxed by the allowances of contingency fees. |
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Barraty |
The crime of stirring up frivolous or groundless litigation. |
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Arbitration |
An alternative dispute resolution mechanism where parties agree to submit their dispute to a neutral third-party, called an arbitrator, who renders a decision which is usually binding. Arbitration, usually a creature of contract is and less expensive then traditional litigation. |
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Aggregate settlement |
A settlement made by all parties on the same side of a case. Sometimes called a joint settlement. |
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Indigent |
Poor, determined to be incapable of paying for a lawyer's services. |
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Pro bono |
Legal Services provided to a client free of charge or at a reduced rate. The Original Latin form was pro bono publico, which means for the public good or welfare. |
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Undue influence |
Where one party, in a position of strength over another party who is in a position of weakness causes that party to enter into a contractual relationship with the superior party. Undue influence takes away the Free Will of the week or party because of the unfair influence of the superior. |
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Security interest |
Where creditors secures the repayment of a loan by taking legal title to a certain property of the debtor, known as collateral. In the event of default, the Creditor has rights to the collateral |
