Legal
12 terms with concise definitions
Due Diligence
TermDetailed review of a business before investment, acquisition, or partnership.
Insolvency
TermFinancial state where liabilities exceed assets and debts cannot be paid.
Joint and Several Liability
TermLegal concept where each party is liable for the full obligation.
Judicial Precedent
TermPrior court decision used as guidance in future cases.
Jurisdiction
TermLegal authority of a government or tax office over a location/entity.
Lien
TermLegal right to retain property until a debt is settled.
Limited Liability
TermLegal protection limiting owners’ personal responsibility for debts.
Loan Agreement
TermContract setting terms and conditions of a loan.
Partnership Deed
TermLegal agreement defining rights and duties of partners.
Shareholder Agreement
TermContract defining shareholder rights and obligations.
Undertaking
TermWritten commitment or assurance by a party to perform an action.
Winding Up
TermLegal process of closing a company and distributing assets.