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Garaging Location

The place where a car is usually stored, such as a home’s garage, when it is not in use.

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Gap Insurance

Also called Loan/Lease Payoff Coverage, Gap Insurance covers the difference between how much an insurer will pay on a lost, stolen, or totalled vehicle, and how much the insured person still owes on the vehicle.

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GREAT BODILY INJURY

See great bodily harm.

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GUARANTEED SECURITY

a bond or a stock that is guaranteed by a person who is not the issuer or the stocks or bonds.

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GENERAL RESTRAINT OF TRADE

These are the types of trade that stifles competition and can lead to a monopoly and deprive the public of the advantages of free competition

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GIVE AND BEQUEATH

phrase found in wills where the deceased leaves his property to a person.

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GOVERNMENTAL IMMUNITY

power of the government to limit taxes on states and on the states to limit tax on the government.

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GOOD TITLE

a title that is free from doubts and is able to be sold with the knowledge that it is clear and valid.

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GROUND FOR DISBARMENT

This term applies to an attorney’s misconduct that may see him lose his license to practice law.

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GENERAL DAMAGES

These are the damages and injuries that directly result from an action or the failure to take action of the defendant.

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GROSS NEGLECT OF DUTY

1. This term is often seen in divorce papers and means dereliction of marital duties. 2. Used when a public officer has done things to endanger welfare of the public.

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GUARANTEED TITLE

This term applies to the title to a property that the insurance company will insure.

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GOODS AND CHATTELS

This term is applied to all personal property that is not real estate.

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GO QUIT

a term that means to be declared innocent, be exonerated and to be dismissed.

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GRADED OFFENSE

crime that is given a greater punishment than is ordinarily given out.

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GENERAL ASSIGNMENT TO CREDITORS

when a debtor transfers title to a trustee who can then liquidate the property to pay creditors.

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GINNIE MAE

how you pronounce the abbreviation for the Government National Mortgage Association that reads GNMA.

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GO WITHOUT DAY

This phrase means to be dismissed by the court without any instructions to return.

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GIFT DEED

this term applies to the gift of property or land for a very small sum of money.

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GO-BETWEEN

This term is given to the agent who is the intermediary between parties.

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