Commonly used term in Law and Economics - Study material for IPO examination

Conviction	To be found guilty of committing a crime
Cross-Examination	Questioning by a party or the attorney of an adverse party or a witness
Defendant	In civil cases, the person who is given court papers, also called a respondent. In criminal cases, the person who is arrested and charged with a crime.
Domicile	The permanent home of a person.
Evidence	Testimony, documents or objects presented at a trial to prove a fact.
Habeas Corpus	A court order used to bring a person physically before a court in order to test the legality of the person's detention
Jurisdiction	Power and authority of a court to hear and make a judgment in a case
Order	A written direction of a court or judge to do or refrain from doing certain acts
Sentences	The penalty imposed by a judge after the defendant is convicted of a crime
Violation	An offense for which the only sentence authorized is a fine
Witness	A person who testifies to what they saw, heard, observed or did.
Affidavit	A formal statement of fact
Bona fide	in good faith
Abscond	To travel covertly out of the jurisdiction of the courts
Suo motu	on its own motion
Power of Attorney	written authorization to represent or act on another's behalf in private affairs, business, or some other legal matter
Appeal	Challenge to a court decision in a higher court
Attorney General	Legal adviser to the Government
Defence	Response to claim by plaintiff
Interim order	Temporary court order of very limited duration, usually until the court has heard the full facts of a case.
Lease	Contract between a property owner and another person for temporary use of property, in exchange for rent
Minor	Person under the age of 18 who is not married
Next of kin	Person’s nearest blood relation
Petition	Formal, written submission to court
Plaintiff	Person who brings a case to court
Search warrant	A court order authorizing the examination of a place for the purpose of discovering contraband, stolen property, or evidence of guilt to be used in the prosecution of a criminal action
Summons	Written command to a person to appear in court
Tenant	Person to whom a landlord grants temporary and exclusive use of land or a building, usually in exchange for rent
Verdict	Decision of a jury
Void	Without legal effect
Appraiser	A professional valuer of property
Bad debt	A debt that is difficult or impossible to collect
Bearer	Applied to cheques and bonds  the possession of which gives a right to payment without formality
Bilateral  trade agreement	A trade agreement between two countries
Boom	Period when business activity  is at high level
Break -even	Carrying on business so that neither profit or loss
Contract	Legal agreement between two parties
Earnest Money	Payment made to make binding a verbal agreement
Equilibrium	A situation  in which economic forces , as they  exist at the time , have no tendency to change
Face Value	Nominal value of stocks and shares
Financial Year	The period of twelve months covered for fiscal purposes by the budget estimates
Gross profit	Total profit before expenses have been  deducted
Honorarium	A Voluntary payment  of fee for service which the payee would not himself demanded
Imprest Account	A Sum  provided  by a firm to cover  petty cash  payments
Insolvency	A Business or individual become insolvent
Lessor	The owner of  property  who allow someone else the use of it for a stated period of time
Liquidation	The act of terminating  or winding up of a company usually because of insolvency
Quantity theory of money	One of the oldest theories of economics
Sleeping Partner	A Member of a partnership  who  takes no active part in the management of business
Stale Cheque	A cheque is stale if its date shows it to have been in circulation for unreasonable time
Turnover	Total Sales of a business during a particular period
Warranty	A guarantee that an article is free from defective workmanship
Prepared By  S Jayachandran , System Administrator, Mavelikara-690101-9961464279  Please visit   http://nfpemavelikaradivision.blogspot.com