In the world of money, bonds(generalmente obbligazioni con garanzie) and debentures(generalmente obbligazioni senza garanzie) have some important differences. Let’s look at these and the vocabulary that surrounds this topic.
Today we look at some essential words related to ﬁnancial reporting tools.
Financial Statements (bilancio):
Financial statements are comprehensive (completi) reports that summarise the ﬁnancial performance and position of a company over a speciﬁc period. They provide valuable insights (informazioni; spunti) for various stakeholders, including investors, creditors, and management.
It is very common to come across the terms “Representations and Warranties” in contracts, but do you know the diﬀerence?
First of all, it is important to note that “Representations and Warranties” are often translated into Italian simply as “Garanzie”, but as you can imagine, in the Common Law mind, there are important diﬀerences between the two terms.
We live in exciting times where we can find excellent machine translators on the web that can translate huge (enorme) amounts of texts for us in a very short time and are doing quite a good job.
Although we are at a much better point than: “The Italian fan club was ready for the last match of the World Cup” to “La clava di ventilatore italiano era pronto per l’ultimo fiammifero della tazza di mondo”, it would be wise to have your machine translations checked by professionals if you want accuracy.
In law precision in terminology is vital to prevent misinterpretations. Today we look some frequently used legal terms relating to time constraints (restrizioni temporali).
Statute of Limitations (prescrizione):
Statute of Limitations is a law which establishes the maximum time frame (periodo di tempo) within which a legal action can be initiated for a specific type of case. After this period old claims (rivendicazioni/cause) cannot be brought.
Today we look at liens. A lien (pegno/vincolo) is a legal right that grants one party the authority to retain (trattenere) or sell specific property until a debt is settled (saldato). It serves as a guarantee or security interest for the party owed money (a cui è dovuto il denaro), ensuring (garantendo) they have a lawful means to recover what they are owed.
In the UK there are two primary categories of liens:
Possessory Lien: This type enables a creditor to keep possession of a debtor’s property until the debt is paid. For example, an auto repair shop can retain a vehicle until repair costs are covered.
Hello! Today we have a Legal English multiple choice test to check your knowledge of some essential legal English terms. Verify your answers after you have done the test in the key that follows. Please remember to do this only AFTER you have done the test!
1. Which is correct?
A. He is a party in the contract
B. He is a party of the contract
C. He is a party to the contract
D. He is a party with the contract
E. Both A and B
2. I signed a contract. The other person who also signed the same contract is called:
A. My counterpart
B. My counterparty
C. The culprit
D. The other person
3. When a provision of a contract has no legal effect and should be treated as not existing, we call this provision: A. Null B. Void C. Null and void D. Empty E. All of the above are correct (A to D) F. Both A and B G. A, or B, or C are all correct
In Peter’s Pills 42 (“Easement vs Profit à prendre“) we discovered that in the common law system an easement is the right to use someone’s land (e.g., right of way), while a profit à prendre is the right to take something away from someone’s land (e.g., wood; grass etc) . Today we see how these two can be either appurtenant (appartenenti) or in gross (in proprio).
What is a building society? If you think that a building society is a company that builds buildings, then this Peter’s Pill is for you.
Banks (banche) and Building societies (Casse di risparmio) are different types of financial institutions that help people and businesses with their money.
Banks are owned by (sono di proprietà di) people who invest money to make profits. They offer many services like current accounts (conti correnti) and savings accounts, loans (prestiti), mortgages (mutui), and ways to invest money. Banks can be big and have branches (filiali) all over the country or even in other countries. The government makes sure (si assicura che) banks follow rules to protect customers and the economy.
Today we look at valid, void and voidable contracts.
Valid Contracts: A valid contract is a legally binding agreement that meets all the necessary requirements. It must have an offer, acceptance, consideration, intention to create legal relations, and free consent – these are the essential elements of a contract. A valid contract can be enforced through legal remedies if either party fails to fulfil their obligations.
Today we look at the meaning of rescission in the common law system. Please be careful. The meaning of rescission may be very different form the meaning in a civil law context.
Rescission is not the same thing as cancellation. Rescission is the undoing of a contract from its beginning. “Rescission of contract” refers to the legal process of undoing (disfacimento) or cancelling a contract as if it never existed, thereby restoring (riportando in questo modo) the parties to their original positions before they entered into the agreement.
The effect of rescission is to restore the parties to their original positions before the contract was formed. This involves returning any consideration (corrispettivo), such as money or property, exchanged between the parties. It may also involve returning goods (merci) or canceling any obligations created by the contract. If this is not possible, then rescission is not the right legal remedy to pursue (intraprendere).
Today we look at a few common business and legal expressions that contain the adjective “golden”. When we use “golden” it gives the idea that something is fortunate, favourable, prosperous, or abundant. For example
Golden handshake: This is generous financial compensation or a severance package (accordo di liquidazione) that is given to a senior executive (dirigente) or employee upon their departure from the company.
Golden parachute: It is a financial arrangement that guarantees substantial benefits or compensation to top executives in the event of a takeover (acquisizione) or merger (fusione), often including stock options (opzioni azionarie) and other perks (vantaggi).
Today we look at the difference between a Pre-emption right and a Right of first refusal.
Pre-emption Right: A pre-emption right is also known as a “right of first offer”. With reference to shares, this right may be found in the articles of association and grants existing shareholders the first opportunity to purchase new shares in a company before they are offered to third parties. This is generally to prevent the dilution of their shares in the company. New shares must be offered to existing shareholders in proportion to their existing holdings. If these shareholders decline to buy the shares, then the new shares may be offered to outside parties.