Tag: legal

DefinitionBankruptcy is a legal status of a person or other entity that cannot repay debts to creditors. In most jurisdictions, bankruptcy is imposed by...

What is 'Umpire Clause' The language in an insurance policy that provides for a means of resolution by an unbiased third party...

Definition Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of...

DefinitionA concurrent estate or co-tenancy is a concept in property law which describes the various ways in which property is owned by more than...

DefinitionWhere two or more persons are liable in respect of the same liability, in most common law legal systems they may either be... Joint...

What is 'James P. Mooney' A former chairman and CEO of OM Group. Born in 1947 in Ohio, Mooney began his career...

DefinitionBailment describes a legal relationship in common law where physical possession of personal property, or a chattel, is transferred from one person to another...

DefinitionIn the law of inheritance, a laughing heir is an heir who is legally entitled to inherit the property of a person who has...

What is a land contract and how does it works? A land contract is a contract between the buyer and seller of a piece of...

DefinitionThere are two distinct definitions of a land trust... Land Trust What is 'Land Trust' A legal agreement where a trustee is...