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BUSINESS LAW GLOSSARY |
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Glossary of Business
Law Terms
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Illiquidity Discount: A discount in the
value of an interest in a business because of legal restrictions on the resale
of such interest.
Impaneling: Selecting a jury from the list
of potential jurors.
Impeach: Attacking the credibility of a
witness.
Implied Contract: A type of enforceable
contract that is not made explicitly, but is implied from the circumstances or
the parties' conduct.
Incorporate: To obtain an official charter
or articles of incorporation from the state for an organization, this may be a
profit-making business, a professional business, such as a law office or medical
office; or a non-profit entity which operates for charity.
Incorporator: The person or entity that
organizes a corporation and files its Articles of Incorporation. The
incorporator can take corporate actions before directors and officers are
appointed.
Independent Contractor: A person or
business which performs services for another person or entity under a contract
between them, with the terms spelled out such as duties, pay, the amount and
type of work and other matters.
Individual Retirement Account
("IRA"): A tax-deferred savings account in which the employee
contributes no more than a set maximum amount annually.
Injunction: A court order requiring a
person to do, or to refrain from doing, a particular thing.
Insider: Someone who has a position in a
business or stock brokerage, which allows him/her to be privy to confidential
information (such as future changes in management, upcoming profit and loss
reports).
Intentional Infliction of Emotional Distress:
Intentionally causing severe emotional distress by extreme or outrageous
conduct.
Interrogatories: A written set of
questions sent from one party to the other during the discovery process.
Interstate Commerce: Commercial trade,
business, movement of goods or money, or transportation from one state to
another, regulated by the federal government according to powers spelled out in
Article I of the Constitution.
Involuntary Dissolution: The forced
dissolution of a corporation by a court or administrative action.
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Injury Law
Glossary.
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