Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Dutch-auction tender method
See Dutch auction (2) under AUCTION.
Method
A mode of organizing, operating, or performing something, esp. to achieve a goal <method of election> <method of performing a job >.
Socratic method
A technique of philosophical discussion - and of law-school instruction -by which the questioner (a law professor) questions one or more followers (the law students), building on each answer with another question, esp. an analogy incorporating the answer. ( This method takes its name from the Greek philosopher Socrates, who lived in Athens from about 469-399 B.C. His method is a traditional one in law schools, primarily because it forces law students to think through issues rationally and deductively - a skill required in the practice of law. Most law professors who employ this method call on students randomly, an approach designed to teach students to think quickly, without stage fright. "[Socrates] himself did not profess to be capable of teaching anything, except consciousness of ignorance .... He called his method of discussion (the Socratic method) obstetrics ... because it was an art of inducing his interlocutors to develop their own ideas under a catechetical system." 5 The Century Dictionary and Cyclopedia 5746 (rev. ed. 1914).
accelerated depreciation method
A depreciation method that yields larger deductions in the earlier years of an asset's life and smaller deductions in the later years.
accelerated depreciation method.
See DEPRECIATION METHOD
accounting method
A system for determining income and expenses for tax purposes.
accrual accounting method
An accounting method that records entries of debits and credits when the liability arises, rather than when the income or expense is received or disbursed.
accrual accounting method.
See ACCOUNTING METHOD.
actuarial method.
A means of determining tt;• amount of interest on a loan by using tt,: loan's annual percentage rate to separately cr culate the finance charge for each payment period, after crediting each payment, which :. credited first to interest and then to princip".
alternative-methods-of-performance contract
see alternative contract under contract.
annuity depreciation method
A depreciation method that allows for a return of imputed interest on the undepreciated balance of an asset's value. ( The imputed interest is subtracted from the current depreciation amount before it is credited to the accumulated depreciation accounts.
capitalization accounting method
See ACCOUNTING METHOD.
capitalization accounting method.
A method of determining an asset's present value by discounting its stream of expected future benefits at an appropriate rate.
case method
See CASEBOOK METHOD.
casebook method
An inductive system of teaching law in which students study specific cases to learn general legal principles. Professor Christopher C. Langdell introduced the technique at Harvard Law School in 1869. The casebook method is now the most widely used form of instruction in American law schools. -:11so termed case method; case system; Langdell method. Cf. HORNBOOK METHOD.
cash-basis accounting method
An accounting method that considers only cash actually received as income and cash actually paid out as an expense.
chain-certificate method
The procedure for authenticating a foreign official record by the party seeking to admit the record as evidence at trial. See Fed. R. Civ. P. 44.
completed-contract accounting method
See ACCOUNTING METHOD.
cost accounting method
The practice of recording the value of assets in terms of their cost. - Also termed cost accounting
cost-of-capital method
A means of measuring a utility's cost of acquiring debt and equity capital. 0 Regulatory commissions often use this method to determine a fair rate of return for the utility's investors.
declining-balance depreciation method
A method of computing the annual depreciation allowance by multiplying the asset's undepreciated cost each year by a uniform rate that may not exceed double the straight-line rate or 150 percent.
depreciation method
A set formula used in estimating an asset's use, wear, or obsolescence over the asset's useful life. ( This method is useful in calculating the allowable annual tax deduction for depreciation. See USEFUL LIFE.
diminution-in-value method
A way of calculating damages for breach of contract based on a reduction in market value that is caused by the breach.
direct charge-off accounting method
See ACCOUNTING METHOD.
double-declining depreciation method
A depreciation method that spreads over time the initial cost of a capital asset by deducting in each period twice the percentage recognized by the straight-line method and applying that double percentage to the undepreciated balance existing at the start of each period.
equity accounting method
A method of accounting for long-term investment in common stock based on acquisition cost, investor income, net losses, and dividends.
fair-value accounting method
See ACCOUNT. ING METHOD.
fair-value accounting method.
The valuation of assets at present actual or market value.
fault-first method
A means by which to apply a settlement credit to a jury verdict, by first reducing the amount of the verdict by the percentage of the plaintiff's comparative fault, then subtracting from the remainder the amount of any settlements the plaintiff has received on the claim. See SETTLEMENT CREDIT. Cf. SETTLEMENT-FIRST METHOD.
hornbook method.
A method of legal instruction characterized by a straightforward presentation of legal doctrine, occasionally interspersed with questions. a The hornbook method predominates in civil-law countries, and in certain fields of law, such as procedure and evidence. - Also termed lecture method. Cf CASEBOOK METHOD; SOCRATIC METHOD.
income-basis method
A method of computing the rate of return on a security using the interest and price paid rather than the face value.
installment accounting method
See Ac COUNTING METHOD.
installment accounting method.
A method by which a taxpayer can spread the recognition of gains from a sale of property over the payment period by computing the gross-profit percentage from the sale and applying it to each payment.
lecture method
See HORNBOOK METHOD.
lower-of-cost-or-market method
A means of pricing or costing inventory by which inventory value is set at either acquisition cost or market cost, whichever is lower.
mass-appraisal method
A technique for valuing large areas of land by studying market data to determine the price that similar property would sell for, without engaging in a parcel-byparcel analysis. mass asset. See ASSET. mass layoff. See LAYOFF
net-worth method
The procedure the Internal Revenue Service uses to determine the taxable income of a taxpayer who doesn't keep adequate records. 0 The change in net worth for the year determines the taxpayer's gross income, after taking into account nontaxable receipts and nondeductible expenses.
one-day, one-trial method
A system of summoning and using jurors whereby a person answers a jury summons and participates in the venire for one day only, unless the person is actually impaneled for a trial, in which event the juror's service lasts for the entire length of the trial. ( This system, which is used in several states, reduces the average term of service and expands the number of individual jurors called.
parentelic method
. A scheme of computation used to determine the paternal or maternal collaterals entitled to inherit.
payback method
An accounting procedure that measures the time required to recover a venture's initial cash investment.
percentage-of-completion method.
An accounting method in which revenue is recognized gradually during the completion of the subject matter of the contract.
physical-inventory accounting method
See ACCOUNTING METHOD.
purchase accounting method
See ACCOUNTING METHOD.
purchase accounting method.
A method of accounting for mergers whereby the total value paid or exchanged for the acquired firm's assets is recorded on the acquiring firm's books, and any difference between the fair market value of the assets acquired and the purchase price is recorded as goodwill.
replacement-cost depreciation method
See DEPRECIATION METHOD. replacement insurance See INSURANCE.
scientific method
An analytical technique by which a hypothesis is formulated and then systematically tested through observation and experimentation.
settlement-first method
A means by which to apply a settlement credit to a jury verdict, by first reducing the amount of the verdict by subtracting the amount of all settlements the plaintiff has received on the claim, then reducing the remainder by the percentage of the plaintiff's comparative fault. See SETTLEMENT CREDIT. Cf. FAULT-FIRST METHOD.
sinking-fund depreciation method
A depreciation method that accounts for the time value of money by setting up a depreciationreserve account that earns interest, resulting in a gradual yearly increase in the depreciation deduction.
straight-line depreciation method
A depreciation method that writes off the cost or other basis of the asset by deducting the expected salvage value from the initial cost of the capital asset, and dividing the difference by the asset's estimated useful life.
sum-of-the-years'-digits depreciation method
A method of calculating the annual depreciation allowance by multiplying the depreciable cost basis (cost minus salvage value) by a constantly decreasing fraction, which is represented by the remaining years of useful life at the beginning of each year divided by the total number of years of useful life at the time of acquisition. - Sometimes shortened to SYD method.