Legal Word of the Day
Benefit
1) any profit or acquired right or privilege, primarily through a contract 2) in worker's compensation the term "benefit" is the insurance payment resulting from a fatal accident on the job, while "compensation" is for injury without death 3) In income taxation, anything that brings economic gain
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general average
A principle of maritime law where in the event of emergency, if cargo is jettisoned, the loss is shared proportionately by all parties with a financial interest in the voyage.
A principle of maritime law where in the event of emergency, if cargo is jettisoned, the loss is shared proportionately by all parties with a financial interest in the voyage.
ambiguity
when language has more than one meaning; if the ambiguity is obvious it is called "patent," and if there is a hidden ambiguity it is called "latent"
when language has more than one meaning; if the ambiguity is obvious it is called "patent," and if there is a hidden ambiguity it is called "latent"
tenancy
A contract by which the owner of the property grants exclusive possession of
that property to another person, in exchange for the tenant's periodic payment
of money (rent).
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