Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
DOD.
abbr. Department of Defense. See DEFENSE DEPARTMENT.
OD.
abbr. 1. Overdose. 2. OVERDRAFT (2). 3. See ordinary seaman under SEAMAN.
accelerated depreciation method.
See DEPRECIATION METHOD
accounting period.
A regular span of time used for accounting purposes; esp., a period used by a taxpayer in determining income and related tax liability.
accrual accounting method.
See ACCOUNTING METHOD.
act of God.
An overwhelming, unpreventable event caused exclusively by forces of nature, such as an earthquake, flood, or tornado. 0 The definition has been statutorily broadened to include all natural phenomena that are exceptional, inevitable, and irresistible, the effects of which could not be prevented or avoided by the exercise of due care or foresight. 42 USCA § 9601(1). - Also termed act of nature; act of providence. Cf. FORCE MAJEURE; unavoidable accident under ACCIDENT.
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".
aod.
action on decision.
blood.
The relationship arising by descew ' a common ancestor. See RELATIVE.
capitalization accounting method.
A method of determining an asset's present value by discounting its stream of expected future benefits at an appropriate rate.
entire blood.
See FULL BLOOD.
fair-value accounting method.
The valuation of assets at present actual or market value.
full blood.
The relationship existing betweer•. persons having the same two parents; u r mixed ancestry. - Also termed whole bloc,.' entire blood.
grace period.
A period of extra time allowed for taking some required action (such as making payment) without incurring the usual penalty for being late. 0 Insurance policies typically provide for a grace period of 30 days beyond the premium's due date, during which the premium may be paid without the policy being canceled. And Article ( of the UCC provides for a 10-day grace period, after the collateral is received, during which a purchase-money security interest must be perfected to have priority over any conflicting security interests. - Also termed days of grace; grace days.
half blood.
The relationship existing 1)tween persons having the same father mother, but not both parents in comm(,:
heir of the blood.
An heir who succeeds to an estate because of consanguinity with the decedent, either in the ascending or descending line.
holding period.
Tax. The time during which a capital asset must be held to determine whether gain or loss from its sale or exchange is longterm or short-term. holding zone. See ZONE.
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.
hot blood.
See HEAT OF PASSION.
inheritable blood.
Hist. A relationship between an ancestor and an heir that the law recognizes for purposes of passing good title to property.
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.
mixed blood.
The relationship between persons whose ancestors are of different races or nationalities."The term 'mixed bloods,' as used in treaties and statutes, has been held to include persons of half, or more or less than half, Indian blood, derived either from the father or from the mother." 42 C.J.S. Indians $ 3 (1991).
percentage-of-completion method.
An accounting method in which revenue is recognized gradually during the completion of the subject matter of the contract.
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.
whole blood.
See full blood.