LEGAL DEFINITIONS

A legal entity is an organization recognized by law as having its own rights and obligations.

An individual refers to a natural person who has personal rights and responsibilities.

The body of rules and principles that govern society and are enforced through governmental authority.

A legally binding agreement between two or more parties that outlines specific terms and conditions.

A formal agreement between two or more parties that creates legal rights and obligations.

A judicial body responsible for resolving disputes and applying laws.

The area of law and court systems that apply to a particular case or set of cases.

A legal claim or entitlement that a person or entity may have under the law.

A legal duty that a person or entity must fulfill.

A punishment imposed by a court or regulatory body for violating a law or regulation.