Legal Concepts Flashcards
Affidavit
Written statment in which the facts stated are sworn or affirmed to be true
Abritration
Arbitration agreement is a contractural provision whereby; those bound to it give up thier right to go to court and instead have any disputes underlying the contract resolved by an arbitrator or arbitation panel
Case Law (AKA Common Law)
System of law that is derived from judges decisions (judicial branch)rather that statues or constitutions (leg branch). Except Lousiana follow common law
Certify
Process of verifying that a record is complete
Commencement of improvements
First actual preparation of construction on the site, or the first delivery to the site of substantial materials
Contractors
Person who contracts to do all or part of the work and retains control of means, methods, and manner of accomplishing the work
Deposition
Sworn statement of a witness or other party in judicial proceeding
Due Care
Theory of tort law to explain the standard of care or the legal duty one owes to others. What a resonanable person would do under like circumstances
Exoneration
Request to release the surety bond
Improvements
All of or part of the construction project. The statues liberally define improvement as “any building, wharf, bridge, ditch, flume, reservoir, well, tunnel, fence, street, sidewalk, machinery, and all other applicable structures or superstructures
Interest Holder
Those who share ownership of the property and or improvements with the owner (includes absentee owners, lessees, mortgagees)
License
Privilege or right granted to a person by a state to practice a profession
Limit of Liability
Maximum amount for which an insurer is liable as set forth in the contract
Lis Pendens
Recorded legal document giving constructive notive that an action affecting a particular property has been filed in either a state or a federal court
Malfeasance
The doing of an act in an inproper, wrongful, or unlawful manner