Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Equivalent
adj. 1. Equal in value, force, amount, effect, or significance. 2. Corresponding in effect or function; nearly equal; virtually identical.
actuarial equivalent.
The amount of accrued pension benefits to be paid monthly or at some other interval so that the total amount of ben. fits will be paid over ! lifetime of the recipient
call equivalent position
Securities. A security position that increases in value as the value of the underlying equity increases. ( It includes a long convertible security, a long call option, and a short put option SEC Rule 16a-1(b) (17 CFR 240 16A-1(B).
cash equivalent
A short-term security that is liquid enough to be considered equivalent to cash.
cash-equivalent doctrine
Tax. The doctrine requiring income to be reported even if it is not cash, as when the taxpayer barters to receive in-kind payments.
common-stock equivalent
A security that is exchangeable for common stock, and thus is considered to be the same as common stock. ( Common-stock equivalents include certain types of convertible securities, stock options, and warrants.
doctrine of equivalents
Patents. A judicially created theory for finding patent infringement when the accused process or product falls outside the literal scope of the patent claims. 0 The doctrine evolved to prevent parties from evading liability for patent infringement by making trivial changes to avoid the literal language of the patent claims. Crater Tank & Mfg. Co. u. Linde Air Prods. Co., 339 U.S. 605, 70 S.Ct. 854 (1950). In determining whether infringement exists under the doctrine, the court must first determine whether "the accused product or process contain[s] an element identical or equivalent to each claimed element of the patented invention." Warner-Jenkinson Co. u. Hilton Davis Chem. Co., 117 S.Ct. 1040, 1054 (1997). Then, if a correspondence is found between the elements of the accused device and of at least one patent claim, infringement under the doctrine turns on (1) whether the accused device substitutes an element that performs the same function, in a substantia
doctrine of substantial equivalents
See DOCTRINE OF EQUIVALENTS.
equivalents doctrine
See DOCTRINE OF EQUIVALENTS.
exemption equivalent
The maximum value of assets that one can transfer to another before incurring a federal gift and estate tax.
reverse doctrine of equivalents
The doctrine preventing infringement liability when the invention is substantially described by the claims of another's patent but performs the same or similar function in a substantially different way.
substantial equivalent
Patents. The same essential thing as the patented item, so that if two devices do the same work in substantially the same way, they are equivalent, even though they differ in name, form, or shape. - Also termed substantial equivalent of a patented device.