Share capital

Share capital (or capital stock in US English) means the portion of a company's financial assets contributed by members of the company with which the company does its business and pays the members some returns.

Payee

A payee is a person whose name is written on a check. In other words, he is the person to take the benefit of the amount of money written on that check.

surge of anger

A powerful rush of an emotion or sudden increase of feeling of anger.
She felt a surge of anger as she watched her ex-husband enter the room with his new girlfriend.

execute

To run an application (program) in computers. The file extension ".exe" in Windows comes from the term "executable".

Expert witness

An expert witness is a specialist in any field invited to a court for the purpose of giving evidence on matters connected to his field. A pathologist may be invited (summoned) in a case of murder to give evidence as to the cause of death of the deceased.

Mortgage

A mortgage is an agreement where the owner of property especially landed property transfers his documents of title over such property to another person in order to serve as a collateral security for a loan obtained by such property owner.


Parties to a mortgage agreement are mortgagor and mortgagee.

Grundnorm

The term "grundnorm" is commonly used to describe a country's constitution which simply means that the constitution is the basic and the highest law of the land and no law must be contrary to its provisions.

Active ingredient

The chemically active part of a drug, medicine or pesticide that makes it work.
Do you know what the active ingredient in aspirin is?

Internet banking

Internet banking is the system that allows you to use the internet to put in or take out money from their bank account.


I made the payment through internet banking.

Conversion

Conversion is a civil wrong which is committed where a non-owner of goods is exercising some rights over the goods as if he is the owner. Conversion is not stealing because while stealing is a crime, the former is a civil wrong.


See, detinue.

job satisfaction

A feeling of enjoyment that someone derives from their job.
When I choose a career, job satisfaction is always the most important factor.
Many workers are more interested in job satisfaction than in earning high
salaries.

Joint

1. (Noun) A connection point at which parts of more than one items are joined.
2. (Adjective) Shared by two or more people. For example, a joint bank account.

Concurrent sentence

It is a method of punishment employed where a person is found guilty of multiple crimes with varying degrees of punishments and the terms of imprisonment are to run simultaneously (i.e. together or at the same).


For example, A is standing trial for 3 different crimes with each carrying the following jail terms: 4, 7 and 2 years' imprisonment respectively. Where A is found guilty of all the three counts and the trial judge allows the terms to run together (i.e. concurrently), then it means A will only spend 7 years in prison because that is the highest jail term and not 13 years. Similarly, assuming each of the 3 offences carries the same jail term, say 5 years. In that case, A will only serve 5 years in prison and not 15 years.


Contrast: consecutive sentence.

Memorandum of understanding

Memorandum of understanding, shortened as MOU, is a formal agreement between two or more parties which is usually not binding until a valid contract is drawn up and signed by the parties.


However, there are occasions when MOU may be binding especially if parties through their use of words show intention to be bound. MOU is commonly used by multinational companies. MOU is known as Letter of Intent in the US.

Non est factum

The Latin term "Non est factum" means “not my act.” It is a kind of defense that may be raised by a person who is trying to escape liability as a result of a document signed by him.

Assembly

Assembly is a legislative body with the inclusion of a group of people who have been elected to meet together regularly for a common purpose in the same place and make decisions or laws for a particular region or country.

Case law

Case law is simply a statement or principle of law that is established through a decided case. It is also known as Common Law or Judicial Authority.


For instance, Salomon vs. Salomon & Co. Ltd (1897) is the case law for the principle of corporate personality of a company.