Nebo Construction Lawyer, Illinois, page 3
Includes: Construction Contracts, Construction Liens, Housing & Construction Defects
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Merle Clyde Bassett
Real Estate, Traffic, Transactions, Personal Injury
Status: In Good Standing Licensed: 73 Years
16 W Lorena Ave, Wood River, IL 62095
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LEGAL TERMS
QUANTUM MERUIT
The reasonable value of services provided, which a winning party may be able to recover from an opponent who broke a contract.
DOWN PAYMENT
A lump sum cash payment paid by a buyer when he or she purchases a major piece of property, such as a car or house. The buyer typically takes out a loan for the... (more...)
A lump sum cash payment paid by a buyer when he or she purchases a major piece of property, such as a car or house. The buyer typically takes out a loan for the balance remaining, and pays it off in monthly installments over time.
COMMUNITY PROPERTY WITH RIGHT OF SURVIVORSHIP
A way for married couples to hold title to property, available in Arizona, California, Nevada, Texas and Wisconsin. It allows one spouse's half-interest in comm... (more...)
A way for married couples to hold title to property, available in Arizona, California, Nevada, Texas and Wisconsin. It allows one spouse's half-interest in community property to pass to the surviving spouse without probate.
UNIFORM TRANSFERS TO MINORS ACT
A statute, adopted by almost all states, that provides a method for transferring property to minors and arranging for an adult to manage it until the child is o... (more...)
A statute, adopted by almost all states, that provides a method for transferring property to minors and arranging for an adult to manage it until the child is old enough to receive it. See custodian.
LIQUID ASSETS
Business property that can be quickly and easily converted into cash, such as stock, bank accounts and accounts receivable.
SHORT SALE (OF HOUSE)
A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale ... (more...)
A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes. See also deed in lieu (or foreclosure).
STATUTE OF LIMITATIONS
The legally prescribed time limit in which a lawsuit must be filed. Statutes of limitation differ depending on the type of legal claim, and often the state. For... (more...)
The legally prescribed time limit in which a lawsuit must be filed. Statutes of limitation differ depending on the type of legal claim, and often the state. For example, many states require that a personal injury lawsuit be filed within one year from the date of injury -- or in some instances, from the date when it should reasonably have been discovered -- but some allow two years. Similarly, claims based on a written contract must be filed in court within four years from the date the contract was broken in some states and five years in others. Statute of limitations rules apply to cases filed in all courts, including federal court.
SECURITY DEPOSIT
A payment required by a landlord to ensure that a tenant pays rent on time and keeps the rental unit in good condition. If the tenant damages the property or le... (more...)
A payment required by a landlord to ensure that a tenant pays rent on time and keeps the rental unit in good condition. If the tenant damages the property or leaves owing rent, the landlord can use the security deposit to cover what the tenant owes.
BALLOON PAYMENT
A large final payment due at the end of a loan, typically a home or car loan, to pay off the amount your monthly payments didn't cover. Many states prohibit bal... (more...)
A large final payment due at the end of a loan, typically a home or car loan, to pay off the amount your monthly payments didn't cover. Many states prohibit balloon payments in loans for goods or services that are primarily for personal, family or household use, or require the lender to let you refinance the balloon payment before forcing collection.
SAMPLE LEGAL CASES
CORDECK SALES v. CONSTRUCTION SYSTEMS
CORDECK SALES, INC., Plaintiff, v. CONSTRUCTION SYSTEMS, INC., et al., Defendants. (ALL
Masonry Construction Company, Inc., Just Rite Acoustics, Inc., Reinke Gypsum Supply Co., Stair
One, Inc., AMEC Construction Management, Inc., and Inland Electric Corporation, ...
Cinkus v. Village of Stickney
... The controlling principles are familiar. The primary rule of statutory construction is to ascertain
and give effect to the intention of the legislature. ... 34, 606 NE2d 1111 (1992). When the statutory
language is clear, no resort is necessary to other tools of construction. ...
Solon v. Midwest Medical Records Ass'n
... 474, 898 NE2d 207. MMRA sought review of the statutory construction question in this court. ... 505,
879 NE2d 893 (2007). The certified question here is one of statutory construction, well established
to constitute a question of law subject to de novo review. People ex rel. ...
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