Term Meaning

1) Time-barred debt Money not repaid but which is no longer legally collectable
because a certain number of years have passed.

2) Bailment Delivery of goods by one person to another

3) Bailor Person to whom goods are delivered
4) Bailee Person delivering the goods
5) Gratuitous bailment Bailee receives no compensation
6) Act of Prudence Taking care of goods in highest manner as if it is your own
7) Revocation Revoking or Withdrawing offer
8) Restitution Restoring anything that is lost
9) Unliquidated damages Damages whose sum of money has not been pre assessed by
any formula
10) Ubi Jus Ibi Remedium "where there is a right there is a remedy”. When a person's
right is violated the victim will have an equitable remedy under
law.
11) Inturia sin Dammum Injury w/o damage
12) Dammum sin Inturia Damage w/o injury
13) Lien Lender gets the right to hold up a property or machinery used as
collateral against funds borrowed.
No right to sell

ImMovable goods
14) Pledge Lender (pledgee) holds the actual possession of such securities
till the time the borrower (pledger) has the borrowed amount
with him.

If defaulted, can sell

Movable goods
15) Hypothetication Possession of such movable security stays with the borrower.
Hence, in an event of default, the lender is first required to take
the possession
16) Subrogation Insured company has legal right to claim compensation from
other party that had caused accident
17) Novation replacing an obligation to perform with another obligation
18) Consensual Existing or entered or created by mutual consent without
formalities such as a written document or ceremony
19) ultra vires beyond one's legal power or authority.
20) Due diligence investigation of a business or person prior to signing a contract
21) Quid pro quo Favour or advantage granted in return for something
22) Discount interest on a loan is removed
23) prima facie Something that has been proven or assumed to be true unless
there is evidence presented to the contrary.
 e.g ) wife walks in on her husband with another woman; at
first glance, it looks as if he is guilty
24) Endorsement act of the owner or payee signing his/her name to the back of a
check, bill of exchange or other negotiable instrument so as to
make it payable to another or cashable by any person.
25) Repudiated refuse to accept; Deny valadity
26) Expedited Getting justice fast
27) Caveat Warning of specific conditions
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