Terms with Category Legal Contracts
- Certificate of Sale — Definition,
- An affidavit issued at a judicial or tax sale that entitles the buyer to the deed to the property purchased after court confirmation.
- Certificate of Title — Definition,
- A written document stating that the title to a piece of property is legally vested in the present owner.
- Chain of Title — Definition,
- Legal records that trace ownership of a property from the most recent owner to the original owner.
- Change Order — Definition,
- A document defining an alteration of construction plans.
- Claim — Definition,
- A creditor's assertion of a right to payment from a debtor or the debtor's property.
- Clear Title — Definition,
- Title not burdened by liens or legal questions.
- Clear-Space Clause — Definition,
- A clause that requires insured property to be located a minimum distance from surrounding property.
- Closing — Definition,
- In real estate, the delivery of a deed, the payment of the purchase price, the signing of notes, and the paying of closing costs, which completes a real estate transaction.
- Closing Costs — Definition,
- The miscellaneous expenses involved in closing a real estate transaction that are over and above the purchase price. Some of the closing costs include title insurance, appraisal fee.
- Co-signer — Definition,
- A person who signs a promissory note that is also signed by one or more other parties. All parties take responsibility for the debt if any of the others renege.
- Collateral — Definition,
- Any property pledged as security for repayment of a debt.
- Collateral Source Rule — Definition,
- In tort law, the collateral source rule states that the tortfeasor (defendant) cannot deduct payments made by other parties to the plaintiff (such as insurance settlements) from what they are required to pay.
- Collusion — Definition,
- A secret, deceitful agreement by two or more parties to defraud others.
- Common Law (CL) — Acronym, Very Important,
- Traditional, unwritten law based on English custom.
➥ Laws developed by judges through court decisions and precedent. - Common Law Marriage (CLM) — Acronym,
- To be recognized as being married without foregoing a matrimonial ceremony.
- Common Stock (CS) — Acronym,
- A security that allocates partial ownership in a corporation, but at a lower standing than preferred stocks.
- Comparative Negligence — Definition,
- The degree to which the claimant's own negligence factored into damages, and how much liability can be attributed to each party.
- Competent — Definition,
- Legal ability to make decisions and enter into contracts.
- Confusio-Lexicon Maximus — Definition,
- The rescinding of language in process when none is making nonsense less and therefore incurred but not reported deficiencies in mental capacities are not apparently un-obviously imposed.
- Consent Judgement — Definition,
- A judge's legally binding approval of a written agreement by the parties of a lawsuit.
- Consideration — Definition,
- A thing of value that is negotiated as part of a contract.
- Consumer Bankruptcy — Definition,
- A bankruptcy case filed to reduce or eliminate debts that are primarily consumer debts.
- Contingency — Definition,
- A condition that must be met before a property sale can be completed, such as a home inspection or mortgage approval.
- Contingent Liability — Definition,
- A legal responsibility to pay certain sums conditional on a future event such as a law suit or court case.
- Contract — Definition,
- An agreement between two or more parties that can be enforced by law.
- Contract For Deed (CFD) — Acronym,
- An agreement for sale of property in which the buyer takes possession while making payments, but the seller holds title until full payment is made. Also called a land contract.
- Contract Holder — Definition,
- The entity that holds the rights to a obligation or debt.
- Contract to Purchase — Definition,
- A document in which a property's buyer and seller approve the price and other terms of the transfer of title. Also known as an agreement of sale, a purchase contract or a sale contract.
- Contractual Lien — Definition,
- A legal claim against property as a result of a voluntary contract, such as a mortgage.
- Contributory Negligence — Definition,
- A legal defence that can be applied if the plaintiff is at least partially responsible for a harm, and if they are found partially liable, they can be denied any compensation.
