To be codified is to be defined or otherwise included in a legislative statute. It is sometimes used in a wider sense to refer to principles that can be found not just in statutes, but also in constitutions, administrative rules, and other...
commercial transactions
cognovit
A cognovit, a type of confession of judgment, refers to an acknowledgment or confession made by a defendant that the plaintiff’s cause is legitimate. It permits judgment to be entered without a trial for the purpose of saving costs. To apply...
coinsurance
Coinsurance is a risk-sharing agreement between the insurer and the insured under a particular insurance policy. The insured agrees to cover a percentage of the losses after the deductible is satisfied, which means that the insured must pay...
collateral
Collateral is an item of value, such as property or assets, that is pledged by an individual (borrower) in order to guaranty a loan. Upon default, the collateral becomes subject to seizure by the lender and may be sold to satisfy the debt....
collective bargaining
Collective bargaining is the negotiation process between an employer and a union comprised of workers to create an agreement that will govern the terms and conditions of the workers' employment.
The result of collective...
collusive bidding
Collusive bidding refers to an agreement among two or more competitors to change the bids they otherwise would have offered absent the agreement. Where collusive bidding is well established, prices can rise substantially, in some cases by as...
collusive suit
A collusive suit (also referred to as a friendly suit) is a lawsuit where the parties are not actually in disagreement but are cooperating to steer the court towards some agreed-upon conclusion. As seen in United States v. Johnson, collusive...
color
Color, in a legal sense, refers to the appearance of a thing, as distinguished from the thing itself.
For example, the color of law refers to the appearance of legal authority or an apparently legal right, and is often used to...colorable transaction
A colorable transaction is a transaction that appears bona fide legitimate, but upon further inspection reveals itself as fraudulent or otherwise invalid. Because the term is often used in hindsight when the transaction proves invalid, a...
comaker
Comaker or cosigner is a person who jointly signs a check, draft or any other negotiable instrument alongside a primary borrower of a loan. The comaker acts as a guarantor of the primary borrower and assumes liability. The comaker has a legal...