According to 15 U.S. Code § 9401 artificial intelligence is defined as “a machine-based system that can, for a given set of human-defined objectives, make predictions, recommendations or decisions influencing real or virtual environments.”...
business sectors
artificial person
An artificial person is also known as a juridical person; it has a legal name and has certain rights, protections, privileges, responsibilities, and liabilities in law, similar to those of a natural person. In other words, an artificial...
assign
Assign is the act of transferring rights, property, or other benefits to another party (the assignee) from the party who holds such benefits under contract (the assignor). This concept is used in both contract and property law.
Contract...assumption of risk
Assumption of risk is a common law doctrine that refers to a plaintiff’s inability to recover for the tortious actions of a negligent party in scenarios where the plaintiff voluntarily accepted the risk of those actions. Potential plaintiffs...
attestator
An attestator is a person who attests or verifies the authenticity of a document or signature by adding their own signature or stamp. Accordingly, such a document becomes attested, which means it has been acknowledged as an authentic document...
audit committee
The audit committee is a committee composed of a company’s board of directors in charge of overseeing the company’s auditors, financial reporting, and disclosures. 15 U.S.C. § 78c(a)(58) defines an audit committee as “a committee (or...
aviation
Aviation law governs the operation of aircraft and the maintenance of aviation facilities. Both federal and state governments have enacted statutes and created administrative agencies to regulate air traffic.
Using its...
bad faith
Bad faith refers to dishonesty or fraud in a transaction. Depending on the exact setting, bad faith may mean a dishonest belief or purpose, untrustworthy performance of duties, neglect of fair dealing standards, or a fraudulent intent. It is...
bailment
A 'bailment' is defined as a non-ownership transfer of possession. Under English common law, the right to possess a thing is separate and distinct from owning the thing. Interestingly, as a result of this distinction, in some jurisdictions,...
balance due
Balance due is the amount owed on a previous statement for which payment has been required but not been made. It is usually manifested as the amount of a debt still owed on an account or the principal outstanding on a promissory note. Balance...