Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Bad-debt loss ratio
the ratio of uncollectible debt to a business's total recr i%~,hi.=
Gloss
n. 1. A note inserted between the lines or in the margin of a text to explain a difficult or obscure word in the text <this edition of Shakespeare's works is bolstered by its many glosses on Elizabethan English>. 2. A collection of explanations; a glossary <the hornbook's copious gloss>. 3. Pronouncements considered collectively, usu. by courts; interpretation <the statute and its judicial gloss>.
Glossa viperina est quae corrodit viscera textus
It is a poisonous gloss that gnaws away the vitals of the text.
P & L. abbr. Profit and loss.
See INCOME STATEMENT.
Postglossators
(often cap.) A group of Italian jurisconsults who were active during the 14th and 15th centuries writing commentaries and treatises that related Roman law to feudal and Germanic law, canon law, and other contemporary bodies of law. 0 The postglossators constituted the second wave of Roman-law study after its revival in the 11th century, the first being that of the glossators. - Also termed commentators. See GLOSSATORS.
action for the loss o f services
Hist. A husband's lawsuit against one who has taken away, imprisoned, or physically harmed his wife in circumstances in which (1) the act is wrongful to the wife, and (2) the husband is deprived of her society or services.
action for the loss of services.
See Action.
actual loss
A loss resulting from the real and substantial destruction of insured property.
actual loss.
See LOSS.
actual total loss
1 See total loss. 2. Marine insurance. The total loss of a vessel covered by an insurance policy (1) by its real and substantive destruction, (2) by injuries that destroy its existence as a distinct individual of a particular class, (3) by its being reduced to a wreck irretrievably beyond repair, or (4) by its being placed beyond the insured's control and beyond the insured's power of recovery.
business loss
See ordinary loss under LOSS
capital loss
The loss realized upon selling or exchanging a capital asset. Cf. CAPITAL GAIN.
casualty loss
For tax purposes, the total or partial destruction of an asset resulting from an unexpected or unusual event, such as an automobile accident or a tornado.
consequential economic loss
Economic loss that proximately results from a defective product and that is beyond direct economic loss. 0 Examples include lost profits and loss of goodwill or business reputation.
consequential loss
A loss arising from the results of damage rather than from the damage itself. ( A consequential loss is proximate when the natural and probable effect of the wrongful conduct, under the circumstances, is to set in operation the intervening cause from which the loss directly results. When the loss is not the natural and probable effect of the wrongful conduct, the loss is remote. - Also termed indirect loss. Cf. direct loss.
constructive loss
See constructive total loss (1) under LOSS.
constructive total loss
See LOSS.
direct economic loss
Economic loss flowing directly from insufficient product quality. The most common type is loss-of-bargain damages - the difference between the actual value of goods accepted and the value they would have had if they had been delivered as promised or warranted.
direct loss
A loss that results immediately and proximately from an event. Cf. consequential loss.
direct loss.
See Loss-.
disaster loss
A casualty loss sustained in a geographic area that the President designates as a disaster area. ( It may be treated as having occurred during the previous tax year so that a victim may receive immediate tax benefits. economic loss. See ECONOMIC LOSS.
economic loss
A monetary loss such as lost wages or lost profits. ( The term is usu. used to refer to the damages recoverable in a lawsuit. For example, in a products-liability suit, economic loss includes the cost of repair or re-placement of defective property, as well as commercial loss for the property's inadequate value and consequent loss of profits or use.
economic-loss rule
Torts. The principle that a plaintiff cannot sue in tort to recover for purely monetary loss - as opposed to physical injury or property damage - caused by the defendant. ( Many states recognize an exception to this rule when the defendant commits fraud or negligent misrepresentation, or when a special relationship exists between the parties (such as an attorney-client relationship). - Also termed economic-harm rule; economic-loss doctrine."One way the courts have attempted to draw a line between tort and warranty is to bar recovery for 'economic loss' in tort. In some states this common law doctrine has achieved the status of the 'economic loss doctrine,' meaning that once loss is defined
extraordinary loss
A loss that is both unusual and infrequent, such as a loss resulting from a natural disaster.
general average loss
Marine underwriting. A loss at sea usu. incurred when cargo is thrown overboard to save the ship; a loss due to the voluntary and intentional sacrifice of part of a venture (usu. cargo) to save the rest of the venture from imminent peril. 0 Such a loss is borne equally by all the interests concerned in the venture. See AVERAGE (3).
glossators
(usu. cap.) A group of Italian jurisconsults who, from the 11th to the 13th centuries, were primarily responsible for the revival of the study of Roman law. They originally worked by glossing (that is, explaining in the margin) difficult or unclear passages, and gradually their writings blossomed into full-blown commentaries and discussions. See POSTGLOSSATORS.
hobby loss
A nondeductible loss arising from a personal hobby, as contrasted with an activity engaged in for profit. ( The law generally presumes that an activity is engaged in for profit if profits are earned during at least three of the last five years. IRC (26 USCA) § 183. indirect lossSee consequential loss.
hobby loss.
See LOSS
indirect loss.
See consequential loss under LOSS.
known-loss doctrine
Insurance. A principle denying insurance coverage when the insured knows before the policy takes effect that a specific loss has already happened or is substantially certain to happen. - Also termed known-risk doctrine.
long-term capital loss
See LOSS,
loss
1 The failure to keep possession of something. 2. A decrease in value; the amount by which a thing's original cost exceeds its later selling price. 3. The amount of financial detriment caused by an insured person's death or an insured property's damage, for which the insurer becomes liable. 4. Tax. The excess of a property's adjusted value over the amount realized from its sale or other disposition. IRC (26 USCA) § 1001. - Also termed (in sense 4) realized loss.
loss carryback
See CARRYBACK.
loss carryforward
See CARRYOVER.
loss carryover
See CARRYOVER.
loss insurance
Insurance purchased by a person who may suffer a loss at the hands of another. ( This is the converse of liability insurance, which is purchased by potential
loss leader
A good or commodity sold at a very low price, usu. below cost, to attract customers to buy other items. - Sometimes shortened to leader. See BAIT AND SWITCH.
loss of consortium
A loss of the benefits that one spouse is entitled to receive from the other, including companionship, cooperation, aid, affection, and sexual relations. 0 Loss of consortium can be recoverable as damages in a personal-injury or wrongful-death action.
loss payee
A person or entity named in an insurance policy (under a loss-payable clause) to be paid if the insured property suffers a loss.
loss ratio
1 Insurance. The ratio between premiums paid and losses incurred during a given period. 2. A bank's loan losses compared to its loan assets; a business's receivable losses compared to its receivables.
loss reserve
1. An insurance company's reserve that represents the estimated value of future payments, as for losses incurred but not yet reported. 2. A bank's reserve set aside to cover possible losses, as from defaulting loans.
loss-of-bargain damages
See expectation damages.
loss-of-bargain rule
The doctrine that damages for a breach of a contract should put theinjured party in the position it would have been in if both parties had performed their contractual duties.injured party in the position it would have been in if both parties had performed their contractual duties.
loss-of-chance doctrine
A rule in some states providing a claim against a doctor who has engaged in medical malpractice that, although it does not result in a particular injury, decreases or eliminates the chance of surviving or recovering from the preexisting condition for which the doctor was consulted. - Also termed lost-chance doctrine; increased-risk-of-harm doctrine.
loss-of-use exclusion
See failure-to-perform exclusion under EXCLUSION (3).
loss-payable clause
An insurance-policy provision that authorizes the payment of proceeds to someone other than the named insured, esp. to someone who has a security interest in the insured property. ( Typically, a loss-payable clause either designates the person as a beneficiary of the proceeds or assigns to the person a claim against the insurer, but the clause usu. does not treat the person as an additional insured. See MORTGAGE CLAUSE.
mortgage-loss clause.
A mortgage clause providing that title insurance will not be invalidated by the mortgagor's acts. ( Thus, even if the mortgagor does an act that would otherwise make the policy void, the act merely voids the policy as against the mortgagor, but it remains in full force for the benefit of the mortgagee. -Also termed New York standard clause; unionloss clause. Cf. open mortgage clause under ,'MORTGAGE CLAUSE.
net loss
The excess of all expenses and losses over all revenues and gains.
net loss.
See LOSS.
net operating loss
The excess of operating expenses over revenues, the amount of which can be deducted from gross income if other deductions do not exceed gross income. -Abbr. NOL.