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An disadvantage that one agrees to experience as part of a legal contract or obligation, e.g. a person who stops smoking for one month because their relative offered $500 if completed. … [Read more...] about LEGAL DETRIMENT

A bequest or gift of personal property by last will and testament Browne v. Cogswell, 5 Allen (Mass.) 557; Evans v. Price, 118 111. 593, 8 N. E. 854; Probate Court y. Matthews, 6 Vt 274; In re Karr, 2 How. Prac. N. S. (N. Y.) 409; Nye v. Grand Lodge, 9 Ind. App. 131, 36 N. E. 429; Ky. St 1903, … [Read more...] about LEGACY

A duty which is imposed upon a person by law, e.g. the duty of parents to care for children until the children reach the age of the majority. … [Read more...] about LEGAL DUTY

That which is according to law. It is used in opposition to equitable, as the legal estate is, in the trustee, the equitable estate in the cestui que trust. Vide Powell on Mortg. Index, h. t. 2. The party who has the legal title, has alone the right to seek a remedy for a wrong to his estate, in a court of law, though he may have no beneficial interest in it. The equitable … [Read more...] about LEGAL

A lawfully created and recognized entity such as a corporation or partnership. … [Read more...] about LEGAL ENTITY