Dictionary of Law
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grace period :: legal definition


Grace period - n. a time stated in a contract in which a late payment or performance may be made without penalty. Often after the grace period ends without payment or performance by the person who is supposed to pay, the contract is suspended. Example: if a person does not pay his/her insurance payment (premium) by the stated deadline, he/she usually has a few days extra to pay before the absolute deadline. If the person does not pay by then, the insurance company cancels the contract, i.e. your insurance.


Related Law Terms

abduction :: n. the criminal taking away of a person by persuas ... g of children. See also: kidnapping
abuse of discretion :: n. a polite way of saying a trial judge has made s ... partner's realistic ability to pay.
acceptance :: n. 1) receiving something from another with the in ... ered into. See also: contract offer
account stated :: n. a statement between a creditor or the person to ... ending on the state. See also: debt
acknowledgment :: n. the section at the end of a document where a no ... me leases and various other papers.
adjuster :: n. an employee (usually a non-lawyer) of an insura ... e company in approving settlements.
administrator :: n. the person appointed by the court to handle the ... e also: administer executor probate
adverse possession :: n. a means to acquire title to land through obviou ... o: possession prescriptive easement
anticipatory breach :: n. when a party to a contract repudiates (reneges ... perform. See also: breach contract
apparent authority :: n. the appearance of being the agent of another (e ... e also: agency ostensible authority
articles of incorporation :: n. the basic charter of a corporation which spells ... year's taxes. See also: corporation
assign :: 1) v. to transfer to another person any asset such ... en shows up in contracts and wills.
attorney's fee :: n. the payment for legal services. It can take sev ... ees in the particular type of case.
bank :: n. 1) an officially chartered institution empowere ... erred to as "in bank" or "en banc."
bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy
bilateral contract :: n. an agreement in which the parties exchange prom ... also: contract unilateral contract
Bill of Rights :: n. the first ten amendments to the federal Constit ... ved to the states or to the people.
bond :: n. 1) written evidence of debt issued by a company ... good up to the amount of the bond.
breach :: 1) n. literally, a break. A breach may be a failur ... breach of trust breach of warranty
breach of contract :: n. failing to perform any term of a contract, writ ... breach breach specific performance
change of circumstances :: n. the principal reason for a court modifying (ame ... ild support divorce spousal support
chattel mortgage :: n. an outmoded written document which made a chatt ... ed by the property. See also: UCC-1
civil :: adj. 1) that part of the law that encompasses busi ... also: civil liberties civil rights
consideration :: n. 1) payment or money. 2) a vital element in the ... t of a promise). See also: contract
contract :: 1) n. an agreement with specific terms between two ... n oral contract unilateral contract
contractor :: n. 1) a person or entity that enters into a contra ... actor mechanic's lien subcontractor
copyright :: 1) n. the exclusive right of the author or creator ... plagiarism public domain trademark
corporation :: n. an organization formed with state governmental ... ation public corporation securities
covenant :: 1) n. a promise in a written contract or a deed of ... o compete deed restrictive covenant
d.b.a. :: n. short for "doing business as," when a person or ... that is registered with the state.
demand :: 1) v. to claim as a need, requirement or entitleme ... pay is made. See also: demand note
descent :: n. the rules of inheritance established by law in ... on inheritance intestate succession
disinherit :: v. to intentionally take actions to guarantee that ... rorem clause pretermitted heir will
dissolution of corporation :: n. termination of a corporation, either a) volunta ... e government. See also: corporation
divorce :: 1) n. the termination of a marriage by legal actio ... y separate property spousal support
domicile :: n. the place where a person has his/her permanent ... where its headquarters is located.
double jeopardy :: n. placing someone on trial a second time for an o ... that occurred thirty years earlier.
earnest payment :: n. a deposit paid to demonstrate commitment and to ... (liquidated) or committed damages.
equal opportunity :: 1) n. a right supposedly guaranteed by both federa ... be so. See also: affirmative action
equal protection of the law :: n. the right of all persons to have the same acces ... laws." See also: due process of law
executor :: n. the person appointed to administer the estate o ... sed decedent executrix probate will
express contract :: n. a contract in which all elements are specifical ... e circumstances. See also: contract
extradition :: n. the surrender by one state or country of a pers ... ty. See also: fugitive from justice
fair comment :: n. a statement of opinion (no matter how ludicrous ... amation libel public figure slander
fictitious defendants :: n. when a party suing (plaintiff) is not sure if h ... are not permitted in federal cases.
firm offer :: n. in contract law, an offer (usually in writing) ... ptance contract counter offer offer
foreign corporation :: n. a corporation which is incorporated under the l ... tate or Whoopee's designated agent.
garnish :: v. to obtain a court order directing a party holdi ... ed. See also: garnishee garnishment
guarantee :: 1) v. to pledge or agree to be responsible for ano ... as some defect. See also: guarantor
guest :: n. 1) in general, a person paying to stay in a hot ... ce. See also: guest statute invitee
hearsay rule :: n. the basic rule that testimony or documents whic ... interest dying declaration hearsay
independent contractor :: n. a person or business which performs services fo ... ue independence. See also: employee
insolvency :: n. 1) the condition of having more debts (liabilit ... the property. See also: bankruptcy
installment contract :: n. an agreement in which payments of money, delive ... n contract failure of consideration
insurance :: n. a contract (insurance policy) in which the insu ... t clause Workers' Compensation Acts
insured :: n. 1) the person or entity who will be compensated ... s go to others. See also: insurance
insurer :: n. an insurance company which agrees to pay someon ... lled a premium. See also: insurance
interlocutory decree :: n. a court judgment which is temporary and not int ... ppeared to waste the parties' time.
invasion of privacy :: n. the intrusion into the personal life of another ... randeis. See also: right to privacy
jury :: n. one of the remarkable innovations of the Englis ... hallenge sequester venire voir dire
lease :: 1) n. a written agreement in which the owner of pr ... triple net lease unlawful detainer
liability :: n. one of the most significant words in the field ... bility joint tortfeasors negligence
libel :: 1) n. to publish in print (including pictures), wr ... libel per se public figure slander
living will :: n. also called "a durable power of attorney," it i ... upport. See also: power of attorney
marriage :: n. the joining of a male and female in matrimony b ... of time without legal formalities.
mortgage :: n. a document in which the owner pledges his/her/i ... losure notice of default trust deed
murder :: n. the killing of a human being by a sane person, ... premeditation second degree murder
negligence :: n. failure to exercise the care toward others whic ... gence per se res ipsa loquitur tort
no fault insurance :: n: a type of automobile insurance required of car ... ling lawsuits. See also: negligence
not guilty :: n. 1) plea of a person who claims not to have comm ... t guilty by reason of insanity plea
notary public :: n. a person authorized by the state in which the p ... he state which appoints the notary.
option :: n. a right to purchase property or require another ... ng or upon expiration of the lease.
palimony :: n. a substitute for alimony in cases in which the ... the relationship. See also: alimony
partnership :: n. a business enterprise entered into for profit w ... partnership partner silent partner
party :: n. 1) one of the participants in a lawsuit or othe ... y real party in interest respondent
performance :: n. fulfillment of one's obligations required by co ... nce. See also: specific performance
personal services :: n. in contract law, the talents of a person which ... his/her unique ability and product.
promise :: 1) n. a firm agreement to perform an act, refrain ... so: consideration contract covenant
promissory note :: n. a written promise by a person (variously called ... lso: interest obligee obligor usury
property :: n. anything that is owned by a person or entity. P ... rty real property separate property
quantum meruit :: : (kwahn-tuhm mare-ooh-it) n. Latin for "as much a ... uit by implying a contract existed.
qui tam action :: : (kwee tam) n. from Latin for "who as well," a la ... technical violations and/or errors.
reasonable reliance :: n. particularly in contracts, what a prudent perso ... the following:." See also: contract
retainer :: n. the advance payment to an attorney for services ... e stuck with extensive unpaid fees.
security deposit :: n. a payment required by a landlord from a tenant ... lso: landlord and tenant lease rent
sentence :: 1) n. the punishment given to a person convicted o ... ence restitution suspended sentence
service of process :: n. the delivery of copies of legal documents such ... by publication substituted service
specific performance :: n. the right of a party to a contract to demand th ... artwork. See also: contract prayer
state action :: n. in federal Civil Rights Acts, dating back to 18 ... for damages. See also: civil rights
state of domicile :: n. the state in which a person has his/her permane ... orated. See also: domicile resident
statute of limitations :: n. a law which sets the maximum period which one c ... ies. See also: demurrer laches toll
subrogation :: n. assuming the legal rights of a person for whom ... also: negligence subrogee subrogor
subrogor :: n. a person or entity that transfers his/her/its l ... ges. See also: subrogation subrogee
substantial performance :: n. in the law of contracts, fulfillment of the obl ... also: contract specific performance
substituted service :: n. accomplishing service (delivery) of legal docum ... ee also: service service of process
surety :: n. a guarantor of payment or performance if anothe ... or entity. See also: bond guarantor
term :: n. 1) in contracts or leases, a period of time, su ... nancy" is one term for "occupancy."
Thirty-day notice :: n. a notice by a landlord to a tenant on a month-t ... e also: landlord and tenant service
three-day notice :: n. a notice to pay delinquent rent or quit (leave ... nd tenant service unlawful detainer
unconscionable :: adj. referring to a contract or bargain which is s ... ee also: adhesion contract contract
unilateral contract :: n. an agreement to pay in exchange for performance ... consideration contract performance
will :: n. a written document which leaves the estate of t ... will and testament probate testator

Popular Law Searches

legal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.
chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity
testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will
contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer
forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger."
mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor.
clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate.

Other Law Terms - G

gag order :: n. a judge's order prohibiting the attorneys and t ... st day in office, January 22, 1993.
garnish :: v. to obtain a court order directing a party holdi ... ed. See also: garnishee garnishment
garnishee :: n. a person or entity, quite often a bank or emplo ... ourt. See also: garnish garnishment
garnishment :: n. the entire process of petitioning for and getti ... heriff. See also: garnish garnishee
gender bias :: n. unequal treatment in employment opportunity (su ... statutes. See also: discrimination
general appearance :: n. an attorney's representation of a client in cou ... case. See also: special appearance
general counsel :: n. the chief attorney for a corporation, who is pa ... e counsel." See also: house counsel
general damages :: n. monetary recovery (money won) in a lawsuit for ... s exemplary damages special damages
general denial :: n. a statement in an answer to a lawsuit or claim ... anguage. See also: answer complaint
general partner :: n. 1) usually one of the owners and operators of a ... ted partnership partner partnership
general plan :: n. a plan of a city, county or area which establis ... uture development. See also: zoning
generation skipping :: adj., adv. referring to gifts made through trusts ... to a grandchild without a gift tax.
gift :: n. the voluntary transfer of property (including m ... ift tax unified estate and gift tax
gift in contemplation of death :: n. (called a gift causa mortis by lawyers showing ... ift tax unified estate and gift tax
gift tax :: n. federal tax on large gifts. Gifts to members of ... ance in gift tax planning is vital.
go bail :: v. slang for putting up the bail money to get an a ... arrest or pending trial or appeal.
good cause :: n. a legally sufficient reason for a ruling or oth ... od cause shown, the court orders:."
good faith :: n. honest intent to act without taking an unfair a ... plied to all kinds of transactions.
Good Samaritan rule :: n. from a Biblical story, if a volunteer comes to ... a lawsuit for millions of dollars.
good title :: n. ownership of real property which is totally fre ... or deed of trust on the property).