Statute

Definition

  • A law established by an act of the legislature.
  • An act of a corporation or its founder intended as a permanent rule.

Synonyms
rule, regulation, law

Related Terms and Acronyms

  • Common Law (CL) Acronym, Very Important,
    • Traditional, unwritten law based on English custom.
    Laws developed by judges through court decisions and precedent.
  • Contract Definition,
    • An agreement between two or more parties that can be enforced by law.
  • Judgement Definition,
    • A determination by a court of law or a judicial decision.
  • Legal Reserve Definition,
    • The legally mandated minimum amount of money an insurer must keep liquid in order to satisfy its obligations to policyholders.
  • Statute of Frauds (SOF) Acronym,
    • A law which provides that certain contracts must be in writing to be enforceable at law. This includes real estate contracts.
  • Statute of Limitations (SOL) Acronym,
    • A period of time specified by statute within which an action at law must be brought or else be forfeited.
  • Statutory Liability Definition,
    • Liability that is assigned by law and is not open for interpretation.
  • Tort Law Definition,
    • Civil law or the laws that govern civil lawsuits.
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