Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: T

TIME IS THE ESSENCE OF CONTRACTS

a term where one party to a contract needs to carry out his obligation in a set period of time so the other party can carry out their obligations of the contract.

TRAVERSE JURY

This term applies to the trial jury that is not the grand jury who offers an indictment but doesn’t try the case.

TERM BAILMENT

a term that is used for bail that is for a limited and set period of time.

TAKING A PLEA

This term applies to pleading guilty to a lesser plea than the one charged.

TYING IN

the name given to the practice of insisting you buy another product before you are able to buy the one you want.

TACIT UNDERSTANDING

a term for the unstated and implied understanding without it being committed to writing.

TO

the term used to take title or to gain and to hold possession of property legally.

TRUTH-IN-LENDING ACT

federal law that requires people who apply for credit be given information that is accurate and easily understood.

TRUST PRIVATE

a trust for the benefit of certain people that is different from a trust that benefits a charitable organisation.

TWO-PARTY CONSENT

when all parties will consent to a wiretap that is needed in some states for it be lawful.

TOTTEN TRUST

where you put your own money in a bank in your own name as the trustee for another person.

TRUST FUND

This term applies to the property and money that is held in a trust and the property and money that is administered by the trustees.

TOLERANCE THRESHOLD

1. Quality. Greatest departure allowed from the standard. 2. Risk. Longest period where an enterprise can afford to not have a critical process or function.

TOOLUP

Production process stage where all tools have been tested and are in place .

TORRENS SYSTEM

System of land registration where the government keeps all title and land records. Developed by Sir Robert Torrens in 19th century Australia that has been adopted by other countries.

TRACEABLE COST

Expense assigned to an activity or cost object based on cause and effect relationships.

TRADING COMPANY

Firm connecting sellers and buyers but does not own or store merchandise.

TRADITIONAL CONTRACTING

Common method of contracting where the client chooses service providers for design of work and asks for bids on construction work.

TRAIT THEORY

Measurement of a person’s patterns of habit, thought and emotions.

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