Glossary Archive

Implied Warranty of Habitability The Implied Warranty of Habitability is a legal doctrine that ensures rental properties meet basic living and safety standards. This warranty is automatically included in residential lease agreements, meaning landlords are responsible for providing tenants with a habitable dwelling throughout the duration of the lease, even if it is not explicitly...

Improvement Bond Requirement The Improvement Bond Requirement is a legal stipulation that mandates certain developers and contractors to secure a bond when undertaking construction or development projects. This bond serves as a financial guarantee that the required improvements, such as roads, utilities, and landscaping, will be completed according to the approved plans and local regulations....

In-House Mediation Program An In-House Mediation Program is a structured process implemented within an organization or law firm to resolve disputes internally before escalating them to external mediation or litigation. This program is typically managed by trained mediators who are employees of the organization, promoting a culture of conflict resolution and collaboration. The program offers...

In-Kind Distribution refers to the transfer of assets or property to beneficiaries or heirs in their present form, rather than converting the assets into cash. This type of distribution is commonly used in the context of estate planning, trusts, and probate proceedings, where specific assets such as real estate, stocks, or personal property are distributed...

Inadmissibility Clause An inadmissibility clause is a provision typically found in contracts or legal documents that restricts the introduction of certain evidence in a legal proceeding. This clause is designed to prevent specific information, documents, or statements from being used against a party in court or during arbitration, thereby protecting sensitive information or maintaining the...

An Incapacitated Grantor refers to an individual who has created a trust or set up a legal arrangement but has become unable to manage their affairs due to physical or mental incapacity. This incapacity can stem from various conditions, including severe illness, mental health issues, or age-related decline, rendering them incapable of making informed decisions...

An Incapacity Clause is a provision included in estate planning documents, such as wills, trusts, or advance health care directives, that outlines the procedures and decisions to be made in the event that the individual (often referred to as the "grantor" or "testator") becomes incapacitated. Incapacity refers to a condition in which a person is...

Incapacity planning is a critical aspect of estate planning that involves preparing for the possibility that an individual may become unable to manage their own affairs due to physical or mental limitations. This planning ensures that the individual's preferences and needs are met and that their financial and healthcare decisions are managed according to their...

Income Property Agreement An Income Property Agreement is a legal document that outlines the terms and conditions under which one party (the lessor or landlord) allows another party (the lessee or tenant) to use a property in exchange for rent. This agreement is typically associated with properties that are intended to generate income, such as...

Incorporation Incorporation is the legal process by which a business entity is formed and recognized as a separate legal entity from its owners. This process provides various benefits, including limited liability, the ability to raise capital through stock issuance, and perpetual existence. Incorporation typically begins with filing articles of incorporation with the appropriate state authority,...