1. lower court
    (also court of first instance) court whose decisions may be appealed to a higher court
  2. magistrates' court
    (UK) court that has very limited powers
  3. maker
    person who makes a promissory note International Legal English Second edition
  4. 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.
  5. 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
  6. mechanic lien
    (also mechanic's lien) lien to secure payment for labour or materials used in constructing or repairing buildings or other structures
  7. member state
    term used to refer to states which are members of a certain international organisation (e.g. the European Union)
  8. 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)
  9. merchant
    person who is engaged in the buying and selling of goods for profit
  10. merchantability
    warranty implied by law that something is fit for the ordinary purposes for which it is used
  11. merger
    the joining of two companies resulting in the dissolution of one company and the survival of the other
  12. 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.
  13. minority shareholder
    shareholder who holds less than half the total shares outstanding and is therefore unable to control the business of the company
  14. minutes
    notes or records of business conducted at a meeting
  15. model law
    statement of norms intended to be adopted by nations with the intent of harmonising rules at an international level
  16. monopoly
    organisation or group that has complete control of an area of business so that others have no share
  17. monopoly right
    exclusive right to make, use or sell an invention
  18. moot court
    fictitious court where law students argue hypothetical cases
  19. mortgage
    transfer of legal title of a property, often land, to another as security for payment of a debt
  20. motion
    application to a court to obtain an order, ruling, or decision
  21. movable property
    Law movable property, such as furniture or money Compare real property. Also called personalty.
  22. multi-jurisdictional
    extending over more than one jurisdiction
  23. naked debenture
    (UK) unsecured debt (US debenture)
  24. negotiable
    able to be transferred by endorsement or delivery
  25. 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)
  26. 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.
  27. nominal capital
    (also authorised capital) total amount of stock a company may offer to its shareholders
  28. non-breaching party
    party to the contract that has not violated its contractual obligations
  29. non-consensual
    not agreed to or formed by agreement of at! parties
  30. 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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Legal English