Read Short & Simple Definitions Of Complex Legal Terms

The sum both the barometric and gauge pressure which is equivalent to 14.7 pounds per square inch at sea level.

A legal concept indicating that if a public company DEFAULTS, shareholders are only entitled to recover their investments after creditors have been fully repaid. In most BANKRUPTCY cases shareholders receive little, if any, restitution since they are subordinate to all other claimholders. Absolute priority also extends to the broad category of creditors, where secured creditors receive payment before senior unsecured creditors, who receive payment before junior and subordinated creditors. See al

A rule that protects the holder from harm that occurs from any actions or lack there of. Qualified privilege is another term for this.

A specific amount of inventory allowed into a country. This limits the amount of foreign goods allowed in a country at any one time. It also called a tariff rate quota.

The privileges resulting from owning property; rights from a contract relationship; the right to refuse or to make a contract with someone.