Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Attachment of earnings
see attachment of wages under attachment (1).
Earn
ub. 1. To acquire by labor, service, or performance. 2. To do something that entitles one to a reward or result, whether it is received or not.
Earnest
n. 1. A nominal payment or token act that serves as a pledge or a sign of good faith, esp. as the partial purchase price of property. Though not legally necessary, an earnest may help the parties come to an agreement. 2. EARNEST MONEY.
Earning asset
(usu. Pl.) An asset (esp. Of a bank) on which interest is received. 9 banks consider loans to be earning assets.
Earnings
Revenue gained from labor or services, from the investment of capital, or from assets. See INCOME. Cf PROFIT.
Learned
adj. 1. Having a great deal of learning; erudite. ( A lawyer might refer to an adversary as a "learned colleague" or "learned opponent," which may be, depending on tone of voice, either a genuine compliment or a subtle slight. 2. Well-versed in the law and its history. ( Statutes sometimes require that judges be "learned in the law," a phrase commonly construed as meaning that they must have received a regular legal education.
Learning
n. 1. Hist. Legal doctrine. 2. The act of acquiring knowledge.
accumulated-earnings credit
See CREDIT (7)
accumulated-earnings tax
A penalty tax imposed on a corporation that has retained its earnings in an effort to avoid the incometax liability arising once the earnings are distributed to shareholders as dividends. -Also termed excess profits tax; undistributedearnings tax.
appropriated retained earnings
Retained earnings that a company's board designates for a distinct use, and that are therefore unavailable to pay dividends or for other uses. - Also termed appropriated surplus; surplus revenue; suspense reserve.
cumulative-to-the-extent-earned dividend
See DIVIDEND.
disposable earnings
See disposable income under INCOME.
earned income
Money derived from one's own labor or active participation; earnings from services. Cf. unearned income (2).
earned premium
See PREMIUM (1).
earned surplus
See retained earnings under EARNINGS.
earned time
Criminal procedure. A credit toward a sentence reduction awarded to a prisoner who takes part in activities designed to lessen the chances that the prisoner will commit a crime after release from prison. 0 Earned time, which is usu. awarded for taking educational or vocational courses, working, or participating in certain other productive activities, is distinct from good time, which is awarded simply for refraining from misconduct. Cf. GOOD TIME.
earned-income credit
See TAX CREDIT
earner.
1. One who produces income through personal efforts or property or both. 2. Property or an asset that produces income for its owner.
earnest money
A deposit paid (usu. in escrow) by a prospective buyer (esp. of real estate) to show a good-faith intention to complete the transaction, and ordinarily forfeited if the buyer defaults. ( Although earnest money has traditionally been a nominal sum (such as a nickel or a dollar) used in the sale of goods, it is not a mere token in the real-estate context: it may amount to many thousands of dollars. - Also termed earnest; bargain money; caution money; hand money. Cf. BINDER (2); down payment under PAYMENT. "The amount of earnest money deposited rarely exceeds 10 percent of the purchase price, and its primary purpose is to serve as a source of payment of damages should the buyer default. Earnest money is not essential to make a purchase agreement binding if
earning asset
See ASSET.
earning capacity
A person's ability or power to earn money, given the person's talent, skills, training, and experience. s Earning capacity is one element considered when measuring the damages recoverable in a personal-injury lawsuit. And in family law, earning capacity is considered when awarding child support and spousal maintenance (or alimony) and in dividing property between spouses upon divorce. -Also termed earning power. See LOST EARNING CAPACITY.
earnings and profits
Corporations. In corporate taxation, the measure of a corporation's economic capacity to make a shareholder distribution that is not a return of capital. 0 The distribution will be dividend income to the shareholders to the extent of the corporation's current and accumulated earnings and profits. Cf. accumulated-earnings tax under TAX; accumulated taxable income under INCOME.
earnings per share
Corporations. A measure of corporate value by which the corporation's net income is divided by the number of outstanding shares of common stock. ( Investors benefit from calculating a corporation's earnings per share, because it helps the investor determine the fair market value of the corporation's stock. - Abbr. EPS.
earnings report
See INCOME STATEMENT.
earnings yield
The earnings per share of a security divided by its market price. ( The higher the ratio, the better the investment yield. - Also termed earnings price ratio. Cf. PRICE-EARNINGS RATIO.
earnings-price ratio
See earnings yield under YIELD.
earnout agreement
An agreement for the sale of a business whereby the buyer first pays an agreed amount up front, leaving the final purchase price to be determined by the business's future profits. ( Usu. the seller helps manage the business for a period after the sale. -Sometimes shortened to earnout.
foreign-earned-income exclusion
The Internal Revenue Code provision that excludes from taxation a limited amount of income earned by nonresident taxpayers outside the United States. ( The taxpayer must elect between this exclusion and the foreign tax credit. IRC (26 USCA) ยง 911(a), (b). See foreign tax credit under TAX CREDIT.
fully diluted earnings per share
A corporation's net income - assuming that all convertible securities had been transferred to common equity and all stock options had been exercised - divided by the number of shares of the corporation's outstanding common stock.
fully diluted earnings per share.
See EARN. INGS PER SHARE.
future earnings
See lost earnings.
future earnings.
See lost earnings under EARN. INGS.
gross earnings.
See gross income under INCOME.
learned intermediary
See informed intermediary under INTERMEDIARY.
learned-intermediary doctrine
The principle that a prescription-drug manufacturer fulfills its duty to warn of a drug's potentially harmful effects by informing the prescribing physician, rather than the end-user, of those effects.
learned-treatise rule
Evidence. An exception to the hearsay rule, by which a published text may be established as authoritative, either by expert testimony or by judicial notice. ( Under the Federal Rules of Evidence, a statement contained in a published treatise, periodical, or pamphlet on sciences or arts (such as history and medicine) can be established as authoritative - and thereby admitted into evidence for the purpose of examining or cross-examining an expert witness - by expert testimony or by the court taking judicial notice of the authoritative nature or reliability of the text. If the statement is admitted into evidence, it may be read into the trial record, but it may not be received as an exhibit. Fed. R. Evid. 803(18).
lost earning capacity
A person's diminished earning power resulting from an injury. * This impairment is recoverable as an element of damages in a tort action. Cf. lost earnings under EARNINGS. "To some extent the phrases loss of earnings' and loss of earning capacity' are used interchangeably. But the preferred view is that they are different concepts. The former covers real loss which can be proved at the trial; the latter covers loss of the chances of getting equivalent work in the future."
lost earnings
See EARNINGS.
lost earnings.
Wages, salary, or other income that a person could have earned if he or she had not lost a job, suffered a disabling injury, or died. ( Lost earnings are typically awarded as damages in personal-injury and wrongful-termination cases. There can be past lost earnings and future lost earnings. Both are subsets of this category, though legal writers sometimes loosely use future earnings as a synonym for lost earnings. Cf. LOST EARNING CAPACITY.
net earnings
See net income under INCOME.
pretax earnings
Net earnings before income taxes.
price-earnings ratio
The ratio between a stock's current share price and the corporation's earnings per share for the last year. Some investors avoid stocks with high priceearnings ratios because those stocks may be overpriced. - Abbr. P/E ratio. Cf. earnings yield under YIELD.
real earnings
See EARNINGS.
retained earnings
See EARNINGS.
retained earnings.
A corporation's accumulated income after dividends have been distributed. - Also termed earned surplus; undistributed profit.
surplus earnings
The excess of corporate assets over liabilities within a given period, usu. a year.
undistributed-earnings tax
See accumulatedearnings tax under TAX.
unearned income
1. Earnings from investments rather than labor. - Also termed investment income. 2. Income received but not yet earned; money paid in advance. Cf. earned income.
unearned increment
See INCREMENT.
unearned increment.
An increase in the value of real property due to population growth.