Legal Terms Beginning with F
Fair market value
The hypothetical most probable price that could be obtained for a property by average, informed purchasers. - (see expanded definition at duhaime.org)
Falsa Demonstratio Non Nacet
A wrong description of an item in a legal document (such as a will) will not necessarily void the gift if it can be determined from other facts. - (see expanded definition at duhaime.org)
Fee simple
The most extensive tenure allowed under the intestate. In modern law, almost all land is held in fee simple and this is as close as one can get to absolute ownership in common law. - (see expanded definition at duhaime.org)
Fee tail
A form of tenure under the lineal descendants upon the death of the tenant, the land reverted back to the lord. - (see expanded definition at duhaime.org)
Felony
A serious crime for which the punishment is prison for more than a year or death. - (see expanded definition at duhaime.org)
Feudal system
A social structure that existed throughout much of Europe between 800 and 1400 and that revolved around a multi-level hierarchy between lords (who held land granted under tenure from the king), and their tenants (also called 'vassals'). - (see expanded definition at duhaime.org)
Fiat
A shortly-worded and short-form, often truncated, Court order. - (see expanded definition at duhaime.org)
Fiduciary
Normally, the term is synonymous to a trustee, which is the classic form of a fiduciary relationship. - (see expanded definition at duhaime.org)
Fieri facias
A writ of fieri facias commands a sheriff to take and sell enough property from the person who lost the law suit, to pay the debt owed by the judgment. - (see expanded definition at duhaime.org)
Fifth Amendment
A US Constitution article which provides fundamental rights in regards to legal process such as the immunity in regards to self incrimination. - (see expanded definition at duhaime.org)
First Amendment
The amendment to the US Constitution which sets out freedom of expression. - (see expanded definition at duhaime.org)
Flesch reading ease test
A legalese test against which insurance contracts are assessed. - (see expanded definition at duhaime.org)
Force majeure
French for an act of God; an inevitable, unpredictable act of nature, not dependent on an act of man. Used in insurance contracts to refer to acts of nature such as earthquakes or lightning. - (see expanded definition at duhaime.org)
Foreclosure
The technical meaning of the word is to wipe out a right of redemption on a property. Generally, this is what happens when someone does not pay their mortgage. Even though there has been no payments, the borrower retains a equitable right of redemption if, some day, he or she were able to find the money and try to exercise their right of redemption. - (see expanded definition at duhaime.org)
Forfeiture
Seizure of private property because it was illegally obtained, is an illegal substance or the legal basis for possession has ended. - (see expanded definition at duhaime.org)
Fourth Amendment
US constitutional protection against unreasonable search or arrest. - (see expanded definition at duhaime.org)
Frankpledge
A community pledge in medieval England whereby a defined number of people, for example 10 households, were jointly held responsible for the denunciation of any crime within their group. - (see expanded definition at duhaime.org)
Fraud
Deceitful conduct designed to manipulate another person to give something of value by (1) lying, (2) by repeating something that is or ought to have been known by the fraudulent party as false or suspect or (3) by concealing a fact from the other party which may have saved that party from being cheated. - (see expanded definition at duhaime.org)
Fraudulent Conveyance
A transfer of an interest in property done with intent to defeat creditors or others of their just and lawful entitlements. - (see expanded definition at duhaime.org)
Freehold
Use of real estate for an indeterminate time. - (see expanded definition at duhaime.org)
Freight
The money paid by a person for the transportation of goods. - (see expanded definition at duhaime.org)
Friendly Society
A form of corporate structure in the United Kingdom for the conduct of life or health insurance, pension fund or education-related business. - (see expanded definition at duhaime.org)
Fugitive
One who runs away to avoid arrest, prosecution or imprisonment. - (see expanded definition at duhaime.org)
Functus officio
Latin: an officer or agency whose mandate has expired either because of the arrival of an expiry date or because an agency has accomplished the purpose for which it was created. - (see expanded definition at duhaime.org)
Fungibles
Goods which are comprised of many identical parts such as a bushel of grain or a barrel of apples or oil, and which can be easily replaced by other, identical goods. If the goods are sold by weight or number, this is a good sign that they are fungible. - (see expanded definition at duhaime.org)
Furiosi nulla voluntas est
A Latin expression that mentally impaired persons cannot validly sign a will - (see expanded definition at duhaime.org)
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