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interest The fee a borrower pays to the lender forusing the money. (p. 189)intermediate courts The courts between the lowerand higher courts. (p. 29)interstate commerce Business activities that touchmore than one state. (p. 297)intestate The act of dying without a will. (p. 783)intrastate sales Sales that take place within a state.(p. 330)invasion of privacy Interfering with a person’s rightto be left alone, which includes the right to be freefrom unwanted publicity and interference withprivate matters. (p. 86)invitation to negotiate An invitation to deal, trade, ormake an offer. (p. 114)Jjoint custody Divides the rights, duties, and powersof parenting between the parents. Under thisarrangement the children live with each parent atdifferent times. (p. 703)joint liability In the event of a lawsuit, all the partnersmust be sued together. (p. 597)joint tenancy Type of ownership in which two ormore people own an interest in the whole property.(p. 740)judgment The court’s determination or decision in acase. (p. 41)jurisdiction The power and authority given to a courtto hear a case and to make a judgment. (p. 28)justice Ability to treat all people fairly. (p. 11)KKeogh plan Retirement plan for self-employed peopleand their employees. (p. 778)kidnapping The unlawful removal or restraint of aperson against his or her will. (p. 63)Llarceny The unlawful taking and carrying away of thepersonal property of another with the intent todeprive the owner of the property. (p. 68)law System of rules of conduct established by thegovernment of a society to maintain stability andjustice. (p. 12)lease Written agreement between a lessor and a lesseethat creates the landlord-tenant relationship. It providesthe tenant with exclusive possession and controlof the real property of the landlord. (p. 714)legal age The age of majority which, in most states,remains 18. (p. 148)legality The final element of a contract. (p. 109)legal separation A court judgment ending the rightto cohabitation. (p. 694)legal tender U.S. coin or currency. (p. 229)legislature The body of lawmakers of each state thatis responsible for making statutory laws. (p. 19)lemon law Protects consumers when they buy defectivevehicles, either new or used. (p. 348)lessee The tenant of an apartment or house that isowned by another person. (p. 712)lessor The owner of a house or apartment that is forrent or lease. (p. 712)libel False statements in written or printed form thatinjure another’s reputation or reflect negatively onthat person’s character. (p. 84)license A legal document stating that the holder haspermission from the proper authorities to carry on acertain trade or profession. (p. 191)lien A claim that one has against the property ofanother. (p. 304)life insurance Contract that provides monetary compensationfor losses suffered as a result of someone’sdeath. (p. 755)limited jurisdiction Local courts that handle minormatters such as misdemeanors and civil actionsinvolving small amounts of money. (p. 30)limited liability company (LLC) Combines the bestfeatures of a partnership and a corporation. Like acorporation, it offers limited liability to its owners,and the ability to escape double taxation. (p. 616)limited partner Partner or investor who has no controlin managing the partnership and whose namemay not appear in the partnership name. (p. 599)limited partnership Partnership formed by two ormore persons having one or more general partnersand one or more limited partners. (p. 599)Glossary 823