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lower court
(also court of first instance) court whose decisions may be appealed to a higher court
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magistrates' court
(UK) court that has very limited powers
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maker
person who makes a promissory note International Legal English Second edition
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market economy
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.
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material breach
breach of contract which is so fundamental or significant that the non-breaching party is excused from its contractual obligations and may recover damages
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mechanic lien
(also mechanic's lien) lien to secure payment for labour or materials used in constructing or repairing buildings or other structures
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member state
term used to refer to states which are members of a certain international organisation (e.g. the European Union)
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memorandum of association
(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)
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merchant
person who is engaged in the buying and selling of goods for profit
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merchantability
warranty implied by law that something is fit for the ordinary purposes for which it is used
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merger
the joining of two companies resulting in the dissolution of one company and the survival of the other
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merger regulation
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.
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minority shareholder
shareholder who holds less than half the total shares outstanding and is therefore unable to control the business of the company
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minutes
notes or records of business conducted at a meeting
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model law
statement of norms intended to be adopted by nations with the intent of harmonising rules at an international level
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monopoly
organisation or group that has complete control of an area of business so that others have no share
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monopoly right
exclusive right to make, use or sell an invention
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moot court
fictitious court where law students argue hypothetical cases
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mortgage
transfer of legal title of a property, often land, to another as security for payment of a debt
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motion
application to a court to obtain an order, ruling, or decision
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movable property
Law movable property, such as furniture or money Compare real property. Also called personalty.
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multi-jurisdictional
extending over more than one jurisdiction
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naked debenture
(UK) unsecured debt (US debenture)
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negotiable
able to be transferred by endorsement or delivery
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negotiable instruments
(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)
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nemo dat rule
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.
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nominal capital
(also authorised capital) total amount of stock a company may offer to its shareholders
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non-breaching party
party to the contract that has not violated its contractual obligations
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non-consensual
not agreed to or formed by agreement of at! parties
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non-governmental organisation (NGO)
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
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