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LEGAL TERMS

LIQUID ASSETS

Business property that can be quickly and easily converted into cash, such as stock, bank accounts and accounts receivable.

INDEPENDENT CONTRACTOR

A legal category of worker defined by the Internal Revenue Service. The key to the definition is that, unlike employees, independent contractors retain control ... (more...)
A legal category of worker defined by the Internal Revenue Service. The key to the definition is that, unlike employees, independent contractors retain control over how the work they are hired to do gets done; the person or company paying the independent contractor controls only the outcome--the product or service.

HEIR

One who receives property from someone who has died. While the traditional meaning includes only those who had a legal right to the deceased person's property, ... (more...)
One who receives property from someone who has died. While the traditional meaning includes only those who had a legal right to the deceased person's property, modern usage includes anyone who receives property from the estate of a deceased person.

APPRECIATION

An increase in value. Appreciated property is property that has gone up in value since it was acquired.

NET LEASE

A commercial real estate lease in which the tenant regularly pays not only for the space (as he does with a gross lease) but for a portion of the landlord's ope... (more...)
A commercial real estate lease in which the tenant regularly pays not only for the space (as he does with a gross lease) but for a portion of the landlord's operating costs as well. When all three of the usual costs--taxes, maintenance and insurance--are passed on, the arrangement is known as a 'triple net lease.' Because these costs are variable and almost never decrease, a net lease favors the landlord. Accordingly, it may be possible for a tenant to bargain for a net lease with caps or ceilings, which limits the amount of rent the tenant must pay. For example, a net lease with caps may specify that an increase in taxes beyond a certain point (or any new taxes) will be paid by the landlord. The same kind of protection can be designed to cover increased insurance premiums and maintenance expenses.

FORECLOSURE

The forced sale of real estate to pay off a loan on which the owner of the property has defaulted.

CONSIDERATION

The basis of a contract. Consideration is a benefit or right for which the parties to a contract must bargain; the contract is founded on an exchange of one for... (more...)
The basis of a contract. Consideration is a benefit or right for which the parties to a contract must bargain; the contract is founded on an exchange of one form of consideration for another. Consideration may be a promise to perform a certain act -- for example, a promise to fix a leaky roof -- or a promise not to do something, such as build a second story on a house that will block the neighbor's view. Whatever its particulars, consideration must be something of value to the people who are making the contract.

ESTATE

Generally, all the property you own when you die.

DEEP LINK

A link from one website to another that bypasses the second website's home page and takes the user directly to an internal page on the site. For example, a deep... (more...)
A link from one website to another that bypasses the second website's home page and takes the user directly to an internal page on the site. For example, a deep link from Yahoo might take the user directly to a news article on a news site instead of linking to the home page of the site.

SAMPLE LEGAL CASES

Citrus County v. Halls River Development

... the Halls River property classification from MXU to CL in the Plan and on the Generalized Future Land Use Map ("GFLUM"), the map that shows future land uses under the Plan, it unfortunately did not update the property's designation in the LDC or the LDC zoning maps. ...

Keene v. Zoning Bd. of Adjustment

We review a final judgment in favor of the Zoning Board of Adjustment of Putnam 666 County (the Zoning Board) and Ronald and Ossie Wilson (the Wilsons) rendered in the declaratory judgment suit filed by Harold Keene challenging the decision of the Zoning Board to grant the ...

RICHARD ROAD v. MIAMI-DADE BD. OF COM'RS

... Richard Road Estates, the owner of real property in southwest Miami-Dade County, seeks second tier certiorari review of a circuit court appellate division decision affirming the refusal of the Miami-Dade County Commission to grant a change in zoning of the petitioner's property ...