Examlex
Land improvements should be depreciated over the useful life of the
Duty
In a negligence action, an obligation to live up to a reasonable standard.
Gratuitous Bailment
A legal relationship where personal property is voluntarily transferred from one party to another without expectation of payment or benefit.
Equity
Legal principles founded upon fairness, as developed in the Court of Chancery to relieve the harshness of the common law; also the value left in an asset after subtracting what the owner owes.
Leasehold Estates
An estate that gives the holder (lessee) the right to use and occupy rental property for a fixed or indefinite period, without owning the property.
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