Book Opener

holographic will Will written entirely in the handwritingof the testator(rix). It is valid withoutwitnesses. (p. 781)homeowner’s insurance A type of insurance policythat protects against most types of losses and liabilitiesrelated to home ownership, including fire,windstorm, vandalism, burglary, and injuriessuffered by other persons while on the property.(p. 762)homestead exemption Debtors filing bankruptcy cankeep a maximum of $16,150 in equity in a personalresidence. (p. 499)honesty Character trait of a person who is open andtruthful in dealing with others. (p. 11)hostile working environment A workplace thathas become a distressing, humiliating, or hostileplace because of a pattern of severe and pervasivesexually demeaning behavior. (p. 469)Iidentified goods Goods that presently exist and havebeen set aside for a contract. (p. 278)illusory promise A contract that appears at firstglance to be a contract, but on further scrutiny isrevealed to be hollow. (p. 177)implied authority Powers that can be understoodfrom the express terms of an agency agreement.(p. 415)implied contract A contract that comes aboutthrough the actions of the parties. (p. 111) Anemployer says, writes, or does something to leadthe employee to the reasonable belief that he or sheis not an at-will employee. (p. 438)implied covenant Exception to employment-at-willdoctrine that holds that in any employment relationship,there is an implied promise that employer andemployee will be fair and honest in their dealingswith one another. (p. 441)implied warranty Guarantee of quality imposed bylaw. (p. 300)impossibility of performance Situation in which it islegally impossible to fulfill the obligations of theagreement. (p. 230)incidental damages Any reasonable expenses, resultingfrom a breach, that have been incurred by thebuyer. (p. 251)indemnification Entitlement to repayment of theamount lost. (p. 420)independent contractor Person who works for, but isnot under the control of, a proprietor. (p. 394)indictment A written accusation to charge an individualthat is issued after the grand jury hears evidenceand testimony of witnesses. This issuance does notmean that the person is guilty, but that the grandjury believes there is enough evidence to show thatthere is a possibility that the person is guilty. (p. 45)Individual Retirement Account (IRA) An individual’sown personal pension plan that is a system ofproviding for retirement. (p. 776)indorsement Act of placing one’s signature on aninstrument, usually on the back, to transfer it toanother. (p. 544)injunction Order a plaintiff seeks to prevent thedefendant from taking action, or to stop an actionthat has already begun. (pp. 41, 255)inland marine insurance Insurance coverage forgoods that are moved by land carriers such astrains, trucks, and airplanes. (p. 765)insider trading An illegal practice in which an officeror director buys or sells shares in a corporationbased on information obtained as a result of his orher position in the company. (p. 637)insurable interest A person’s right to take out insuranceon another person because that person canshow he or she would suffer financial loss or hardshipin the event of the death of the insured or aloss of property. (p. 753)insurance Contract under which, for consideration,the insurance company agrees to compensate theinsured for a specific loss. (p. 752)insured Person whose life or property is insured whomay or may not be the policyholder. (p. 752)insurer Company that agrees, for a consideration, tocompensate the insured for a specific loss. (p. 752)intangible personal property Property that has nosubstance and cannot be touched, such as moneythat is owed. (p. 362)integrity Willingness to do the right thing regardlessof personal consequences. (p. 12)intellectual property An original work fixed in atangible medium of expression. (p. 365)intentional tort Occurs when a person knows anddesires the consequences of his or her act. (p. 81)822 Glossary