Examlex
A holder takes an instrument for value if he or she accepts the instrument in payment of a preexisting obligation.
Employment-At-Will Doctrine
A legal principle that allows an employer to terminate an employee at any time for any reason, except an illegal one, and without warning, as long as the reason is not illegal.
Common Law
A legal system based on customs, judicial decisions, and precedent rather than written laws; prevalent in the UK and former British colonies.
Statutory Law
Law enacted by a legislative body, such as statutes passed by Congress or a state legislature.
Legislative Statute
A law enacted by a legislative body, setting forth general principles and provisions regarding specific matters.
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