Legal Glossary

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z #

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Earnest Money: Something of value given as part of the purchase price to show "good faith" and to secure an agreement.

Easement: A limited right or interest in the land of another entitling the holder to use, privilege or benefit.

EIR: Popular acronym for environmental impact report, required by many states as part of the application to a county or city for approval of a land development or project. See also: environmental impact report.

Eminent Domain: The legal right and procedures for a municipality to take title and possession of private property for public use.

Emotional distress: Mental anguish.

Employee: A person whose work activities are under the control of an individual or entity.

Employee Assistance Program ("EAP"): A workplace program provided by the employer to assist employees in recovering from drug or alcohol abuse, emotional problems, job stress, marital discord, or workplace conflict.

Employee Stock Ownership Plan: An employer-provided benefit that allows employees to purchase stock in the company under certain favorable terms.

Employer: The person or entity whose has control over your work activities.

Encroachment: Fences or other structures that extend into the property of another owner.

Encumbrance: Any right or interest in property interfering with its use or transfer.

Equal Employment Opportunity Commission: The federal administrative agency that enforces laws prohibiting discrimination in employment.

Equal Pay Act: A federal law that requires employers to pay the same to all employees who do the same work, regardless of gender.

Equitable remedies: Remedies that do not include monetary settlements but require or prohibit certain actions or conditions. Examples include injunctions and restraining orders.

Equity: The difference between the value of property and the amount owed on the property.

Equity financing: A method of financing where a company issues shares of its stock and receives money.

Equity interest: Another term for an ownership interest in a company.

Escrow: A transaction wherein an impartial third party (escrow agent) acts as agent to both parties (seller/buyer-lender/borrower, etc.) acting only under instructions in delivering papers, drawing and/or recording documents and disbursing funds.

Escrow Fee: Charged by title company to service transaction and to escrow money and documents; amount varies with company.

Estate: The commencement of a bankruptcy case creates an "estate." The estate technically becomes the temporary legal owner of all of the debtor's property.
The debtor's creditors are paid from nonexempt properties of the estate.

Estimated closing costs: An estimate of expenses incidental to the sale of real estate, including loan, title, and appraisal fees. These costs are in addition to the price of the property, and are prepaid at closing. Some are one-time expenses and some are recurring.

Examination of title: An inspection by a title company of public records and other documents to determine the chain of ownership of a property.

Examiner: A person appointed by the court to investigate the debtor usually in Chapter 11 case only.

Exception from discharge: A debt that is not allowed to be discharged in a bankruptcy case.

Exclusive agency: An agreement to employ a particular broker. If another broker makes the sale, both are entitled to commissions.

Exclusive listing: A contract that gives an agent the exclusive right to market a property for a specific period of time.

Exclusivity period: The period following the filing of a Chapter 11 petition, during which the debtor has the exclusive right to file a plan.

Executive board means the body, regardless of name, designated in the declaration to act on behalf of the association.

Executory contract: A contract in which both parties have duties remaining to be satisfied

Exempt property: Category of debtor's property that is not taken to satisfy debts.

Exhibit: Any piece of physical evidence that is used at a trial.

Ex Officio: Latin for "from the office," to describe someone who has a right because of an office held, such as being allowed to sit on a committee simply because one is president of the corporation.

Expense: In business accounting and business taxation, any current cost of operation, such as rent, utilities and payroll, as distinguished from capital expenditure for long-term property and equipment.

Expert: A witness who may give an opinion in court based on the particular competence of that witness.