The main source of TheFreeDictionary's legal dictionary is West's Encyclopedia of American Law, Edition 2, which contains more than 4,000 entries detailing terms, concepts, events, movements, cases, and individuals significant to United States law.
The legal dictionary also incorporates The People's Law Dictionary, by renowned authorities Gerald and Kathleen Hill. It includes definitions, context, and usage for more than 3,000 terms. Regarded by scholars, jurists, leading attorneys and reviewers as one of the most practical works of its kind, The People's Law Dictionary is a comprehensive source of meanings and use for thousands of today's most common legal terms. It has gained widespread praise for its scope and clarity.
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The most popular legal definitions:
n. the maximum amount a person participating in a business can lose or be charged in case of claims against the company or its bankruptcy. A stockholder in a corporation can only lose his/her investment, and a limited partner can only lose his/her investment, but a general partner can be responsible for all the debts of the partnership. Parties to a contract can limit the amount each might owe the other, but cannot contract away the rights of a third party to make a claim.See: corporation, shareholder, limited partnership, partnership, liquidated damages