Business Law GLOSSARY
Glossary of Business Law Terms
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Illiquidity Discount: A discount in the value of an
interest in a business because of legal restrictions on the resale
of such interest.
Impaneling: Selecting a jury from the list of potential
Impeach: Attacking the credibility of a witness.
Implied Contract: A type of enforceable contract that is
not made explicitly, but is implied from the circumstances or the
Incorporate: To obtain an official charter or articles of
incorporation from the state for an organization, this may be a
profit-making business, a professional business, such as a law
office or medical office; or a non-profit entity which operates for
Incorporator: The person or entity that organizes a
corporation and files its Articles of Incorporation. The
incorporator can take corporate actions before directors and
officers are appointed.
Independent Contractor: A person or business which
performs services for another person or entity under a contract
between them, with the terms spelled out such as duties, pay, the
amount and type of work and other matters.
Individual Retirement Account ("IRA"): A tax-deferred
savings account in which the employee contributes no more than a set
maximum amount annually.
Injunction: A court order requiring a person to do, or to
refrain from doing, a particular thing.
Insider: Someone who has a position in a business or stock
brokerage, which allows him/her to be privy to confidential
information (such as future changes in management, upcoming profit
and loss reports).
Intentional Infliction of Emotional Distress:
Intentionally causing severe emotional distress by extreme or
Interrogatories: A written set of questions sent from one
party to the other during the discovery process.
Interstate Commerce: Commercial trade, business, movement
of goods or money, or transportation from one state to another,
regulated by the federal government according to powers spelled out
in Article I of the Constitution.
Involuntary Dissolution: The forced dissolution of a
corporation by a court or administrative action.