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INCOMPETENT |
One who is mentally incompetent, incapable,
any person who is not insane, but by the reason of old age,
disease or weakness of mind, or any other cause, is unable, if
unassisted to manage properly and take care of himself or his
property or by reason thereof would likely be deceive or
imposed upon by artful or designing persons. |
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INCREASING AND DIMINISHING RETURNS, PRINCIPAL OF
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States that the application of more factors
of productions will tend to increase net income up to a
certain point beyond which the application of more factors of
production will tend to diminish net income. |
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INJUNCTION |
A writ or order issued under the seal of a
court to restrain one or more parties to a suite or proceeding
from doing an act which deemed to be inequitable or unjust in
regard to the rights of some other party or parties in the
suit or proceeding. |
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INSTALLMENT NOTE |
A note which provides that payments of a
certain sum or amount be paid on the dates specified in the
instrument. |
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INSTRUMENT |
A written legal documents created to affect
the rights of the parties. |
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INTEREST RATE |
The percentage of a sum of money charged
for its use. |
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INTESTATE |
A person who dies having made no will, or
having made a will is defective in form in which case his
estate descends to his heir at law or next of kin. |
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INVOLUNTARY LIEN |
A lien imposed against property without the
consent of an owner; example: taxes, special assessments,
income tax liens, etc. |
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IRREVOCABLE |
Incapable of being recalled or revoked:
unchangeable. |