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

COMMON LAW PROPERTY

The way a spouse’s ownership is decided when a marriage occurs. Joint purchases are kept together but separate ones are kept separate. Should a death or divorce occur it is helpful.

COMMON RESOURCE

A resource that creates benefits. Overuse of these resources is bad.

COMMONALITY

The difference between machines that allows interchangeablility. They must be used either together or seperate.

COMMUNIQU

1. a message or object that is used to communicate. 2.a short report to update the public on a project.

COMMUNIST

A person who believes in communism. Problems are solved by taking away private ownership and making everything a community good. Well known members of this group are Karl Marx, Vladimir Lenin, and

COMMUNITY BANK

A bank owned by the local community. There is no national presence and are found in the locality that runs them. They are independent institutions.

COMMUTED VALUE

The money set aside for the interest rates to cover pension funds in the future. With lower interest you set more aside. Vice Versa.

COMMUTER CARRIER

An airline that links to larger ones in bigger cities. It is an affiliate and shares codes with the large chain airline.

CO-MORTGAGOR

A co-signer on a mortgage who is individually or jointly liable for the repayments on a loan for the entire amount. The individual shares ownership of the property with one or more

COMPACT DISC (CD)

A disc that is recordable on one side. Data is stored on rings that are cut by laser. Up to 700 mb can be stored on it. the Dutch firm Phillips invented

COMPACT DISC-INTERACTIVE (CD-I)

Any media that can handle animation, video, and sound. It is played on the computers CDI player or attached to the TV. The manual for this is called the green book.

COMPACT DISC-RECORDABLE (CD-R)

Any media that allows recording of data. It has an extra layer that allows the writing but not erasing. The manual for this is the orange book.

COMPANION BOND

A TRANCHE of a COLLATERALIZED MORTGAGE OBLIGATION that accompanies PLANNED AMORTIZATION CLASS (PAC) BONDS and TARGETED AMORTIZATION CLASS (TAC) BONDS. The companion serves to absorb PREPAYMENT RISK, giving PACs and TACs greater

COMPANION FARE

An airfare for a second ticket that is discounted. AKA comp fare.

COMPANION ROOM

Complimentary rooms to guests based on the rooms bought by a group. AKA comp room.

COMPANY CODE

The software used to identify a business. It is decided based on tax laws, commercial laws, and financial criteria. It can be a dependent or independent.

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