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I
| Ignorantia
juris neminem excusat |
| Latin
- ignorance of the law is no excuse. |
| Implied
trust |
| A
non-express trust is created without an express and intentional
declaration by the settlor. There are 3 types of non-express
trust: Implied, Resulting and Constructive. An implied trust
(also called a presumptive trust) arises where there is an
implied or presumed intention (intention may be unexpressed)
on your part to create a trust for property or an interest
in property owned by you. For example, say you arrange for
ownership of your property to be in the name of your friend.
You are deemed trustee of the property for your friend. You
now hold that property in trust for your friend whether you
like it or not. |
| In
personam |
| An
in personam right is a personal right attaching to a specific
person. |
| In
rem |
| All
legal rights are either in personam or in rem. In rem rights
are proprietary in nature. They are related to the ownership
of property and not based on any personal relationship. |
| In
specie |
| Latin
- in kind. |
| Incorporation |
| The
formation of a corporation. |
| Incorporeal |
| Legal
rights which are intangible such as copyrights or patents. |
| Incorporeal
Property |
| Property
rights which are intangible, such as a debt. |
| Indefeasible |
| A
right or title in property that cannot be made void, defeated
or canceled by any past event, error or omission in the title.
Certificates of title issued under the Torrens land titles
system are said to be "indefeasible" because the
government warrants that no interests burden the title other
than those shown on the certificate. |
| Indemnity |
| An
agreement to compensate a person for damage, expense or loss. |
| Indenture |
| A
deed involving two or more parties. |
| Indirect
tax |
| A
tax which places the burden on a person other than those formally
liable to pay. |
| Injunction |
| A
court order that prohibits a party from doing something (prohibitory
injunction) or compels them to do something (mandatory injunction). |
| Insolvent |
| To
be unable to pay debt's as they arise. |
| Interrogatory |
| A
written question passing from one party to another in a civil
proceeding, prior to trial, which requires a written answer. |
| Intestacy |
| A
circumstance where a deceased person has left an invalid or
only partially complete will. |
| Invitation
to treat |
| An
invitation from one party to another to make an offer during
contractual negotiations. Invitations to treat do not in themselves
constitute offers. Common examples include the display of
goods in a shop window or a cataglogue of goods for sale. |
| Irrebuttable
presumption |
| A
presumption which is accepted as conclusive at law and cannot
be denied through the use of evidence. |
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