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This is the Attorney For You Legal Dictionary. Please click on
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Glossary Results:
401(K) Plan - A retirement plan that allows an employee to set aside part of his or her income (tax-deferred) in an investment account. The employee must keep the money in the account for a specified amount of time to avoid tax penalties.
abandonment of a child - The failure of a parent or a guardian to provide any financial assistance to or communicate with a child over a period of time. When this happens, a court may consider the child abandoned by the parent or guardian and order that person's rights terminated. Abandonment also describes situations in which a child is physically abandoned.
Abstract of Title - A short history of a piece of land that lists any transfers in ownership, as well as any liabilities attached to it, such as mortgages.
Acceptance - The taking and receiving of anything in good faith with the intention of retaining it.
Accompanying Relative - An immediate family member of someone who immigrates to the United States. In most cases, a person who is eligible to receive some type of visa or green card can also obtain green cards or similar visas for accompanying relatives. Accompanying relatives include spouses and unmarried children under the age of 21.
accrual method of accounting - An accounting method where income is reported as soon as it is earned (as opposed to when it is actually received) and expenses are reported when they are incurred (as opposed to when they are paid).
Adjustable Rate Mortgage (ARM) - A mortgage loan with an interest rate that fluctuates in accordance with a designated market indicator -- such as the weekly average of one-year U.S. Treasury Bills -- over the life of the loan. To avoid constant and drastic fluctuations, ARMs typically limit how often and by how much the interest rate can vary.
ADTV - Average Daily Trading Value
advance directive - Individual instructions or a power of attorney for healthcare made while the individual has capacity. In some states, the directive can be oral.
Adverse Possession - A means by which one can legally take another's property without paying for it. The requirements for adversely possessing property vary between states, but usually include continuous and open use for a period of five or more years and paying taxes on the property in question.
affirmative action - Programs often required by state or federal law that attempt to compensate for discriminatory practices that have in the past denied fair consideration to members of minority groups.
affirmative defense - A statement by a defendant that provides justification for an action or an explanation for behavior or that provides the basis for denial of liability.
affirmed - In the practice of appellate courts, the word means that the decision of the trial court is correct.
Agent - A person authorized to act for and under the direction of another person when dealing with third parties. The person who appoints an agent is called the principal. An agent can enter into binding agreements on the principal's behalf and may even create liability for the principal if the agent causes harm while carrying out his or her duties.
agreement - A meeting of the minds. An agreement is made when two or more people or entities reach an understanding about a particular issue, including their obligations, duties and rights. An agreement can be written or oral and may be considered a legally binding contractual obligation.
Alien - A foreign-born person who has not qualified as a citizen of the country.
Alien Registration Receipt Card (ARC) - The official name used in immigration law for a green card.
Antitrust Acts - Federal and state statutes to protect trade and commerce from unlawful restraints, price discriminations, price fixing and monopolies.
Appraisal - A determination of the value of something, such as a house, jewelry or stock. A professional appraiser -- a qualified, disinterested expert -- makes an estimate by examining the property, and looking at the initial purchase price and comparing it with recent sales of similar property. Courts commonly order appraisals in probate, condemnation, bankruptcy or foreclosure proceedings in order to determine the fair market value of property. Banks and real estate companies use appraisals to ascertain the worth of real estate for lending purposes. And insurance companies require appraisals to determine the amount of damage done to covered property before settling insurance claims.
Assets - The tangible and intangible 'possessions' of a company that have a price value. Tangible assets, which can normally produce cash quickly, include securities, accounts receivable, cash, inventory, office equipment and real estate property. Intangible assets include goodwill, brand, trademark, franchise and intellectual property rights.
association - A group of two or more people who have joined together for a common purpose. Unlike a corporation, an association is not a legal entity and does not have to file all the formal papers required of a corporation.
Asylum - A legal status granted to an individual who is in the United States and fears political persecution if he or she is forced to return to their home country.
at will employment - The right of employers to fire employees for any reason or for no reason at all. It also gives employees the legal right to quit their jobs at any time for any reason. Employees with contracts stating the terms of their employment are usually not considered to be at will employees. Regardless of an employer's rights to fire at will employees, they cannot fire someone for illegal reasons such as age or race.
attestation - The act of watching another person sign a legal document, usually an affidavit or will, and then signing that document as a witness. Usually the signatures of the person signing the document and those of the witnesses are acknowledged by a notary public.
Attractive Nuisance - Something on a piece of property that attracts children but also endangers their safety. For example, unfenced swimming pools, open pits, farm equipment and abandoned refrigerators have all qualified as attractive nuisances.
Audit - During an audit a company or individual's financial/accounting or tax records are evaluated for accuracy. an audit a company or individual's financial/accounting or tax records are evaluated for accuracy.
AUTO ACCIDENT COMPENSATION - Millions of auto accidents occur each year, injuring people and damaging property. Where a matter is very minor, many people file the needed reports with the police or DMV, tell their insurance companies, and go on with their lives, paying the losses out of pocket. But all too often the matter is not minor, and can cost you significant amounts of money and significant personal sacrifice or pain.
As you know, if you suffer a personal injury you'll likely require medical attention and may need rehabilitation, both of which cost money. You may lose income (and/or have to use up "sick time") because of the injury, and while treatment and recovery takes place. You may have sustained property damage to your car and other property. As you can't drive your vehicle while it is being repaired, you may have to rent one, and car repairs and rentals can cost money. You may lose the ability to perform various activities of normal daily living, for a while or long term. You may endure pain and suffering.
The law permits you to seek recovery after an accident to "make you whole again." The central concept is that you should be compensated in a manner that, as best as the law can arrange, places you back in the same position as you were before the accident.
In addition to normal compensatory damages designed to make someone whole, in extreme cases "punitive damages" may be available if the injury was the result of someone else's reckless or irresponsible behavior, or if the cause of the accident or the extent of the injury was caused by something about the car that is dangerous ? a defective product-- that the manufacturer should have corrected.
Back and Neck Injuries - Even in what seems to be relatively minor accidents people can injure their neck and back. The force generated by an accident forces the spine forward and backward, or side to side. This can tear and stretch muscle, resulting in painful injuries. The soft disks that are between the vertebrae can also tear, a more serious injury. Back and neck injuries are, according to health agencies, the most common reason for missed work, and one of the most common complaints made to doctors.
bail - The money put up to secure the release of a person who has been charged and jailed for a crime. The idea behind bail is that it guarantees the appearance of the defendant in court for further legal proceedings. There is a constitutional right to a fair bail amount. This will vary depending on the severity of the crime.
Balloon Payment - A large final payment due at the end of a loan, typically a home or car loan, to pay off the amount your monthly payments didn't cover. Many states prohibit balloon payments in loans for goods or services that are primarily for personal, family or household use, or require the lender to let you refinance the balloon payment before forcing collection.
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