The distinction between “its” and “it’s” can be quite confusing for non-native English speakers. Basically, “its” refers to possession whereas “it’s” is a contraction of ‘it is’. decision court More information on the words discussed in the video, including sound files, examples of usage, common…
When you refer to the useful life of an asset you are also referring to the asset’s economic life. Note, however, that this may not be the same as the physical life of an asset, which actually may be longer than its useful life. capital…
Lawyers working with commercial transactions, corporate finance, securities and the like often encounter and use financial terminology. For example, accounting conventions such as the historic cost convention and the going concern convention … convention generally accepted accounting principles More information on the words discussed in…
Some lawyers use abbreviations in text much more than their Anglo-Saxon counterparts. As a matter of style, avoid using abbreviations in running text. Also bear in mind that Americans always use a full stop after an abbreviation, while the British frequently do not. Your spell…
Do doublets such as “null and void” and “due and payable” have distinctive meanings? The short answer is no. Using both words is an unnecessary lawyerism since both words mean exactly the same thing. The doublets came into being in England in the 11th century…
Secured transactions are an essential part of commercial law and many everyday transactions as well. In a secured transaction a borrower agrees that the lender (the secured party) may take property (“collateral”) owned by the borrower should the borrower default on the loan. In other…
For example: Ultra vires (beyond powers) is applied especially to acts of directors exceeding the scope of powers granted by the articles of association of the company or the laws of the state of incorporation. e.g. “The School Board engaged in a variety of ultra…
For example: Quid pro quo literally means “something for something” and is an equal exchange or substitution that a person or firm makes with another in return for something done or given or promised. Put another way, it signifies that which each party to an…
Scienter denotes the mental state which is an element of fraud, or the knowledge of the nature of one’s fraudulent acts or omissions. It is also used as an adverb to mean, with knowledge, knowingly. “Courts sometimes insist on a higher level of scienter in…
Prima facie means before closer inspection, at first sight, or on the face of it. True, valid, authentic, or adequate at first sight: on first appearance absent other information or evidence. Self-evident; evident without proof or reasoning; obvious. Sufficient to establish a fact or case…