ILEC_14.txt

form of acquisition whereby all or almost all assets and liabilities of a company are sold

property pledged in order to secure the fulfilment of a promise or loan

agreement whereby a person grants interest in his or her property to another as collateral in order to guarantee performance of an obligation International Legal English Second edition

any interest in property acquired by agreement or operation of law for the purpose of securing payment or performance of an obligation

person who has been a partner of a law firm for many years (the exact number of years may differ in each firm); in some law firms, an official title given to some partners serve (a document on someone) !s3:v/to deliver a legal document to someone (which usually demands they go to a court of law or obey an order)

different treatment, usually awarding privileges to some and denying privileges to others, based on gender

(UK) proportional exchange of existing shares in the corporation for a fewer number of shares, each with greater value (US reverse stock split)

(UK) exchange of a multiple of new shares for each old share such that shareholdings are in the same proportion afterwards (US stock split)

(US) US federal statute which was passed in 1890 and which prohibits interference with free competition and aims to limit monopolies and trusts. Any agreement or combination which has the effect of restraining trade is prohibited under this statute.

licence agreement or contractual terms and conditions that appear on the outside packaging of an item, Acceptance by the consumer is confirmed by the opening of the package. Often used in the software industry.

(Latin) thus

established under the Single European Act, came into effect on 1 January 1993; the core of the process of European economic integration, involving the removal of obstacles to the free movement of goods, services, people and capital between member states of the European Union

court that handles civil claims for limited amounts of money

informal term referring to the many interpretative and non-binding statements, for example by treaty monitoring bodies, that can contribute to an understanding and greater compliance with the law

lawyer who practises on his/her own

(UK) lawyer who is qualified to give legal advice and prepare legal documents

law practice with only one lawyer

able to pay one's debts

(also consequential damages) damages that are awarded due to a particular wrong or particular circumstances

resolution on major decisions of a company (such as changing the company's articles or reducing its share capital) at a general meeting that must be passed by a certain majority, usually 75%

when a court orders the breaching party to perform its part of a contract

distribution to shareholders of the shares of a subsidiary held by a parent company

formal written law created by a legislative body such as a parliament, as opposed to a law created through the courts

piece of legislation which declares that certain kinds of contracts, for example those regarding land, pending marriage and the sale of goods worth over a certain amount of money, will be invalid unless put into writing and signed by both parties. The original statute was enacted in England in 1677 and serves as a basis for the US statutes.

forms required by law

security interest created by legislation due to the economic relationship between the debtor and the creditor

see liquidated damages; The sum agreed by the parties to be paid, on a breach of a contract, by the party violating his engagement to the other. 2. It is difficult to distinguish, in some cases, between stipulated damages and a penalty; (q.v.) 3 Chitty's Commer. Law, 627; 2 Bos. & Pull. 346. The effect of inserting stipulated damages, either at law or equity, a pears to be, that both parties must abide by the stipulation, and the prescribed sum must be given.

collective action by workers in which they stop working as a protest against management actions

thing under consideration in a contract

to deliver a document formally for a decision to be made by others