ILEC_10.txt

(also court of first instance) court whose decisions may be appealed to a higher court

(UK) court that has very limited powers

person who makes a promissory note International Legal English Second edition

economic system which permits the open exchange of goods and services between producers and consumers. In a market economy, prices and production are largely determined by supply and demand. The contrasting model to a market economy is central planning and a non-market economy.

breach of contract which is so fundamental or significant that the non-breaching party is excused from its contractual obligations and may recover damages

(also mechanic's lien) lien to secure payment for labour or materials used in constructing or repairing buildings or other structures

term used to refer to states which are members of a certain international organisation (e.g. the European Union)

(UK) legal document that sets out the important elements of the corporation, including its name, address, objects and powers. It is one of the two fundamental documents upon which registration of a company is based. (US articles of incorporation)

person who is engaged in the buying and selling of goods for profit

warranty implied by law that something is fit for the ordinary purposes for which it is used

the joining of two companies resulting in the dissolution of one company and the survival of the other

legislation aimed at limiting anticompetitive concentration of market power. Law that seeks to ensure that the combination of companies will not have any anticompetitive effects.

shareholder who holds less than half the total shares outstanding and is therefore unable to control the business of the company

notes or records of business conducted at a meeting

statement of norms intended to be adopted by nations with the intent of harmonising rules at an international level

organisation or group that has complete control of an area of business so that others have no share

exclusive right to make, use or sell an invention

fictitious court where law students argue hypothetical cases

transfer of legal title of a property, often land, to another as security for payment of a debt

application to a court to obtain an order, ruling, or decision

Law movable property, such as furniture or money Compare real property. Also called personalty.

extending over more than one jurisdiction

(UK) unsecured debt (US debenture)

able to be transferred by endorsement or delivery

(UK) written and signed documents which represent an intangible right of payment for a specified sum of money on demand or at a defined time. Some examples are bills of exchange, promissory notes, bank cheques or certificates of deposit. (US commercial paper)

principle that states that one cannot give away more than one possesses. If one does not possess title to something, then one cannot transfer title of that thing to another.

(also authorised capital) total amount of stock a company may offer to its shareholders

party to the contract that has not violated its contractual obligations

not agreed to or formed by agreement of at! parties

not-for-profit organisation which is not part of the government, with its activities directed to the benefit of members or of other members of the population