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LEGAL TERMS

DIRECTOR

A member of the governing board of a corporation, typically elected at an annual meeting of the shareholders. Directors are responsible for making important bus... (more...)
A member of the governing board of a corporation, typically elected at an annual meeting of the shareholders. Directors are responsible for making important business decisions -- especially those that legally bind the corporation -- leaving day-to-day management to officers and employees of the corporation. For example, a decision to borrow money, lease an office or buy real property would normally be authorized by the board of directors. However, in the small business world, where it is common for owners to be directors, officers and employees simultaneously, distinctions dividing the roles and responsibilities of these groups are often blurred.

VARIANCE

An exception to a zoning ordinance, usually granted by a local government. For example, if you own an oddly shaped lot that could not accommodate a home in acco... (more...)
An exception to a zoning ordinance, usually granted by a local government. For example, if you own an oddly shaped lot that could not accommodate a home in accordance with your city's setback requirement, you could apply at the appropriate office for a variance allowing you to build closer to a boundary line.

ASYLUM

A legal status granted to an individual who is in the United States and fears political persecution if he or she is forced to return to their home country.

BREACH OF CONTRACT

A legal claim that one party failed to perform as required under a valid agreement with the other party. For example you might say, 'The roofer breached our con... (more...)
A legal claim that one party failed to perform as required under a valid agreement with the other party. For example you might say, 'The roofer breached our contract by using substandard supplies when he repaired my roof.'

ESTATE

Generally, all the property you own when you die.

INDISPENSABLE PARTY

A person or entity (such as a corporation) that must be included in a lawsuit in order for the court to render a final judgment that will be just to everyone co... (more...)
A person or entity (such as a corporation) that must be included in a lawsuit in order for the court to render a final judgment that will be just to everyone concerned. For example, if a person sues his neighbors to force them to prune a tree that poses a danger to his house, he must name all owners of the neighboring property in the suit.

LICENSE (OF INVENTION, COPYRIGHT OR TRADEMARK)

A contract giving written permission to use an invention, creative work or trademark. A license provides a way to make money from your invention or creative wor... (more...)
A contract giving written permission to use an invention, creative work or trademark. A license provides a way to make money from your invention or creative work without having to manufacture and sell copies yourself. By licensing an invention or work to a company, you get money (often in the form of royalties) in return for allowing the company to use, produce and sell copies of your invention or work in the marketplace.

YELLOW-DOG CONTRACT

An employment contract in which the employer forbids the employee to join a labor union. Yellow-dog contracts are not legally enforceable.

JUROR

A person who serves on a jury. Lists of potential jurors are obtained from sources such as voter registration rolls and department of motor vehicles' lists. In ... (more...)
A person who serves on a jury. Lists of potential jurors are obtained from sources such as voter registration rolls and department of motor vehicles' lists. In most states, employers are prohibited from discriminating against employees who are called for jury duty--that is, they cannot demote or fire an employee for serving. And a few states require that the employer continue to pay the absent employee. Individuals who are selected to serve on a jury receive from the court a very small fee for their time and sometimes the cost of traveling from home to court.

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