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Mace & Jones Glossary - P to T

Partnership - A business association consisting of two or more people.

Pension - A regular payment to a person that is intended to allow them to subsist without working. There are both public and private schemes to provide pensions on retirement, with increasing emphasis on private provision.

Power of Attorney - A legal document whereby a person gives another person or persons to act on their behalf (see Enduring Power of Attorney & Lasting Power of Attorney).

Probate - The legal process of proving a will, appointing an executor, and settling an estate

Professional Negligence - The law of professional negligence enables legal disputes between people or organisations that are caused by the negligence of professionals to be resolved through negotiation or through the courts.

Real Estate - A term for land and all fixtures to land, including buildings and other improvements.

Receivership - A voluntary or involuntary position taken by, or forced upon, a debtor, allowing the control of the business by a neutral third party.

Residential Property - Domestic conveyancing and other matters of interest to homeowners and residential landlords.

Secured Lending - The process of securing a financial loan against property. If the terms of the loan agreement are not met, the lender has the right to seize the property.

Solicitor - A member of the legal profession who is authorised to give legal advice by admission to the Roll of Solicitors and who is regulated by the Solicitors Regulation Authority.

Surety - A person who agrees to be responsible for a debt or obligation of another.

Tax - A financial charge imposed on an individual or a legal entity by the government.

Termination of employment - Refers to the end of an employee's duration with an employer. Depending on the case, the decision may be made by the employee, the employer, or mutually agreed upon by both.

Trusts - A legal entity or arrangement in which assets (typically financial assets and securities) are held by one person (the trustee) in trust for the benefit of another person or group of persons (the beneficiaries).

Transfer of undertakings - The process of transferring employees and preserving employees' terms and conditions when a business or undertaking is transferred to a new employer.

TUPE - The regulations governing the protection of employees on a transfer of undertaking.

Further Information