Statute

Definition

• A law established by an act of the legislature.
• An act of a corporation or its founder intended as a permanent rule.

Synonyms
law, regulation, rule

Related Terms and Acronyms

• Common Law (CL) — Acronym, Very Important,
  • Traditional, unwritten law based on English custom.
  ➥ Laws developed by judges through court decisions and precedent.
• Contract — Definition,
  • An agreement between two or more parties that can be enforced by law.
• Judgement — Definition,
  • A determination by a court of law or a judicial decision.
• Legal Reserve — Definition,
  • The legally mandated minimum amount of money an insurer must keep liquid in order to satisfy its obligations to policyholders.
• Statute of Frauds (SOF) — Acronym,
  • A law which provides that certain contracts must be in writing to be enforceable at law. This includes real estate contracts.
• Statute of Limitations (SOL) — Acronym,
  • A period of time specified by statute within which an action at law must be brought or else be forfeited.
• Statutory Liability — Definition,
  • Liability that is assigned by law and is not open for interpretation.
• Tort Law — Definition,
  • Civil law or the laws that govern civil lawsuits.