ILEC_02.txt

transfer of rights to another person such that the person to whom the rights have been transferred receives full benefits under the contract

person who transfers his/her rights or duties to another

junior lawyer in a law firm

seizure or taking into custody by virtue of a legal process

prejudgment lien, provisional in nature, created in assets seized in accordance with a court order or a writ of attachment

amount of stock a company may offer to its shareholders. It is also known as nominal capital. (US authorized shares)

(UK) an officer of the sheriff who makes arrests and serves writs; (US) a court officer who keeps order during court proceedings

financial statement showing a company's assets. liabilities and equity on a given date

(US) written examination taken by prospective lawyers in order to qualify to practise law

(UK) required course to be taken by law graduates wishing to practise law as a barrister. This is followed by a period of pupillage.

obstacles which make it difficult for a business to enter into a market. Some examples include patents, customer loyalty, research and development, distributor or supplier agreements, and government regulations.

(UK) lawyer admitted to plead at the bar and in superior courts; a member of one of the Inns of Court

offices of barristers or a group of barristers

person entitled to draw payment

see expectation damages; Benefit-of-the-bargain damages mean all damages that a breaching party to a contract must pay to the injured party.

formal proposal for legislation

(UK) negotiable instrument for a specified sum of money which is written and names three parties: the drawer (the person paying), the drawee (the person who will conduct payment) and the payee (the person who receives the payment)

group of individuals elected by shareholders to make the major decisions of the company

someone who holds a negotiable instrument in good faith

payment above what was due or expected

law firm that specialises in a specific area of law

failure to perform a contractual obligation or interference with another party's performance which incurs a right for the other party to claim damages

document or set of documents containing the details of a court case

(UK) municipal law (US ordinance) bylaws (US) document that defines a company's internal organisation (UK articles of association)

(UK) granting of permission to practise law as a barrister (US admission to the Bar)

distribution of a company's debt and stock

act of providing capital for a company through the issuance of securities

process whereby a company's money is converted into capital and then distributed to shareholders as new shares

group of similar independent companies who agree to join together to control prices and limit competition

(also common law, judge-made law) body of law formed through judicial/court decisions, as opposed to law formed through statutes or written legislation