Interest rate

An interest rate is the percentage of principal that is charged as interest for its use by the lender. An interest rate is typically defined as an annual percentage of the borrowed principal and is calculated by dividing the amount of interest by the amount of principal.

Interest Rate = Amount of Interest / Principal
Amount of Interest = Interest Rate x Principal

For example, if the interest rate is %5 for $100,000 loan
Amount of Interest = (5 / 100) x 100,000 = $5,000 for each year.


In the context of commercial transactions, a factor is a person who sells goods on behalf of others, taking a commission for services. A factor differs from a broker because factors take possession of the goods.

A factor may be a financier who lends money in return for an assignment of accounts receivable or other security; this is known as factoring.

Privity of contract

Privity of contract is a common law principle which states that it is only a party to a contract that can enforce it.

For example, A owes B some amount of money. Later B needs to travel outside the country but before he leaves, he instructs his wife, C, to collect the money owed him by A on his behalf and this arrangement is to the knowledge of A. If A pays the money as promised, very good, but if he does not, there is nothing which C on her own can do because the contract is between A and B not B and C. This is the essence of the principle of privity of contract.

back up

The action of moving backward.
If you back up your car a bit further, I can park too.


A prosecutor is a legal representative of the prosecution in countries with either the common law adversarial system, or the civil law inquisitorial system, who brings a criminal charge against accused persons in courts and calls witnesses to prove the charge in order to get the accused persons punished for their crimes. Prosecutor may be used interchangeably with “prosecution”.

Mental illness

Mental illness are the health conditions that involving significant changes in thinking, emotion and/or behavior, distress and problems functioning in social, work or family activities. Mental illness refers collectively to all diagnosable mental disorders.

Examples of signs and symptoms from mayoclinic:

1. Feeling sad or down
2. Confused thinking or reduced ability to concentrate
3. Excessive fears or worries, or extreme feelings of guilt
4. Extreme mood changes of highs and lows
5. Withdrawal from friends and activities
6. Significant tiredness, low energy or problems sleeping
7. Detachment from reality (delusions), paranoia or hallucinations
8. Inability to cope with daily problems or stress
9. Trouble understanding and relating to situations and to people
10. Alcohol or drug abuse
11. Major changes in eating habits
12. Sex drive changes
13. Excessive anger, hostility or violence
14. Suicidal thinking

Consumer protection

The term "consumer protection" refers to the totality of efforts of the government in the forms of laws and agencies which are meant to ensure that consumers have value for whatever article they purchase.

It was in the pursuit of protecting consumers that the government established Consumer Protection Council with the mandate of eradicating adulterated, fake, inferior and hazardous products from market places.


An agent is a person appointed by another person (better referred to as principal) to act on his behalf. The principal is responsible for all acts done by the agent within the scope of his instructions. If an agent acts outside his principal's instructions, he will be personally liable.

Climate change

Climate change is a change in global or regional climate patterns, including changes in temperature, wind patterns, and rainfall.

Weather is the short-term changes we see in temperature, while climate is a long term condition such as an increase in the average atmospheric temperature.

:: Causes of Climate Change ::
Many things can cause climate to change all on its own. Earth's distance from the sun can change. The sun can send out more or less energy. Oceans can change. When a volcano erupts, it can change our climate. Most scientists say that humans can change climate too. People drive cars. People heat and cool their houses. People cook food. All those things take energy. --NASA

:: What Can We Do? ::
Scientists think we can do things to stop the climate from changing as much. You can help by using less energy and water. Turn off lights and TVs when you leave a room. Turn off the water when brushing your teeth. You also can help by planting trees. --NASA


In law, a hearing is a stage at which a case is ripe to be heard by a court when evidence will be taken as all necessary court papers in respect of the case must have been filed.


A complete list of items that are classified according to a particular scope.
An inventory of species of insects that communicate using vibrations.
An inventory of pending products; or an inventory of products in stock.


Fraud is the crime of taking one's right, money or property by deceiving victims with an intentional perversion of truth.

Most common types of fraud include credit card fraud, insurance fraud, online sales of fake products, check fraud, charity fraud, identity fraud, and online banking fraud.

Ad infinitum

It means something going on without end.

Usage example:
The community's suit against the company has been adjourned ad infinitum.

Motion ex parte

It is an application or paper filed in court in an emergency situation and it does not need to be served on an opponent in a suit. It is normally used to obtain an interim order from a court.

Lock out

Lock out is a situation where an employer prevents his employees from gaining access to their place of work in order to make them accede to his biddings. Lock out is a counterpart of strike action.

Actio personalis moritur cum persona

This is a personal action which cannot survive a party to a law suit. In a law suit, an action is said to die and terminate with a party who dies while his case is yet to be finally decided.

Instances are actions that border on defamation or negligence which are committed against a particular person. This principle does not, however, apply to a court action which borders on a party's property because such an action survives the party. If the party dies while the action is still on-going, his heirs may step into his shoes and continue with the case.


Arbitration is a means by which a dispute is taken before a mutually-acceptable arbitrator instead of a court. This is done in order to save time and maintain a friendly business relationship.

Power of attorney

A power of attorney is a written authority given by one person (usually called principal) to another (otherwise known as agent) in order to empower the latter to act on behalf of the former.

The agent, through power of attorney, may do a lot of things on behalf of the principal e.g. operating a bank account, running a business, holding title documents and initiating legal actions and so on. A power of attorney is automatically terminated upon the death of the giver.