Business View Magazine | Volume 8, Issue 10

10 BUSINESS VIEW MAGAZINE VOLUME 8, ISSUE 10 month from those Americans seeking to gain more knowledge on the legal term. The Definitions of the 20 Legal Terms: 1. Affidavit –A written, or printed statement made under oath. It is typically provided alongside a witness statement to prove the truthfulness of a statement in court. 2. Class Action – Is a lawsuit which is filed or defended by an individual acting on behalf of a group. 3. Chapter 7– Is a chapter of the bankruptcy code permitting the liquidation of assets to pay creditors. 4. Arraignment – Is the formal reading of a criminal charging document to clearly inform the defendant in-person of the charges against them, thereafter, typically asking them to plead guilty or not guilty. 5. Impeachment – The action of calling into question the validity of a witness’s testimony or a formal charge of misconduct pursued against a holder(s) of a public office position. 6. Deposition –A verbal statement typically made before an officer authorised by law to administer an oath or oaths. 7. Conviction –A formal declaration by the verdict of jury or decision by judge that a criminal defendant is guilty of a criminal offence. 8. Chapter 11 – Is a chapter of the bankruptcy code permitting the reorganisation of a corporation or partnership to keep a business running and pay its creditors over time. 9. Appellate – The process of handling applications for decisions to be reversed. 10. Chapter 13 – Is a chapter of the bankruptcy code permitting a debtor to keep property and instead use their disposable income to pay their debts typically over a three-to-five-year period. 11. Exclusionary Rule –A law that prohibits the use of illegally obtained evidence in a criminal trial. 12. Moot – Not subject to court ruling because the controversy has not actually arisen, or a mock judicial proceeding set up to conduct hypothetical cases as an academic exercise. 13. De Facto – Something that exists but not necessarily by legal right. 14. Lien –A defined right to keep possession of property belonging to another person until a debt owed by that person is discharged. 15. Burden of Proof – The obligation to provide disputed facts. 16. Equitable – The difference between legal and equitable rights. 17. Collateral – Property that is pleaded as security for the satisfaction and repayment of a debt. 18. Sanction – Types of enforcement such a penalty used to enforce/bring about compliance with the law or with set rules and regulation. 19. Tort –A civil but not criminal wrong. 20. Habeas corpus –A writ requiring a person under arrest to be brought before a judge or into court.