Chaplin Land Use & Zoning Lawyer, Kentucky

A legal principle or rule created by one or more decisions of a state or federal appellate court. These rules provide a point of reference or authority for judges deciding similar issues in later cases. Lower courts must apply these rules when faced with similar legal issues. For example, if the Montana Supreme Court decides that a certain type of employment contract overly restricts the right of the employee to quit and get another job, all other Montana courts must apply this same rule.

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.

A request made to a court, asking it to dismiss a lawsuit on the grounds that no legal claim is asserted. For example, you might file a demurrer if your neighbor sued you for parking on the street in front of her house. Your parking habits may annoy your neighbor, but the curb is public property and parking there doesn't cause any harm recognized by the law. After a demurrer is filed, the judge holds a hearing at which both sides can make their arguments about the matter. The judge may dismiss all or part of the lawsuit, or may allow the party who filed the lawsuit to amend its complaint. In some states and in federal court, the term demurrer has been replaced by 'motion to dismiss for failure to state a claim' (called a '12(b)(6) motion' in federal court) or similar term.

Anyone, including a corporation, who rents real property, with or without a house or structure, from the owner (called the landlord). The tenant may also be called the 'lessee.'

A portion of profits distributed by a corporation to its shareholders based on the type of stock and number of shares owned. Dividends are usually paid in cash, though they may also be paid in the form of additional shares of stock or other property. The amount of a dividend is established by the corporation's board of directors; however, state laws often restrict a corporation's ability to declare dividends by requiring a minimum level of profits or assets before the dividend can be approved.

A tax imposed by a state to compensate for the sales tax lost when an item is purchased outside of the state, but is used within the state. For example, you buy your car in a state that has no sales tax, but you live across the border in a state that does have a sales tax. When you bring your car home and register it in your state, the state taxing authority will bill you for the sales tax it would have collected had you bought the car within the state.

A lawsuit brought by two parties, not as adversaries, but as collaborators in order to resolve a legal question that affects them both. For example, two companies might bring a friendly suit to court in order to clarify a legal interpretation of a contract between them.