Business Law – Latin Words

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Compos Mentis
of sound mind
Lucid Interval
moment of clarity
Consensus ad Idem
identity of subject matter (of one mind (meeting of minds))
Quantum Meruit
in the eyes of the law not everyone is considered equal (how much does it merit – is it worth?)
Ratio Decidendi
Reason for decision
Stare Decisis
vast area of the law (we are presumed to know the law – ignorance of the law is not a defense)
Quasi-judicial
between administrative and judicial
Ultra Vires
outside the corporation
Intra Vires
inside the corporation
Uberrima Fidei
Utmost faith (ex. Prospectus)
Caveat emptor
Buyer beware
Mens Rea
Mental thing, intention to commit act (essential for all criminal wrongs), law does not look at the result but your conduct
Malum perse
wrong within itself (murder or rape)
Malum prohibitum
wrong because law says so
Bona Fide purchaser
in good faith innocent buyer
Nemo Dat Quod Non Habet
Can’t give what no have
Mortgage
death pledge
UBI Jus IBI Remedium
where there is a right there is a remedy
Restitutio In Integrum
a restitution for the original position – damage is compensatory and not punitive/exemplary (awarded as a punishment for a wrong doing and usually in large amounts)
Tort
a civil wrong compensated by money damages (deals with law of negligence-unintentional tort)
Volenti Non Fit Injuria
defense of volens – means “he who consents cannot claim injury” (defense for negligence)
Novus Actus Intereniens
means an intervening act that may have caused the injury (ex. texting and driving)
Res Ispa Ioquitur
the thing speaks for itself – if negligence is so obvious do not need to prove
Categories: Business Law