Simple English definitions for legal terms
Read a random definition: commodatum
Material: Important information that can significantly impact a situation. It can be used in different areas such as law, contracts, and securities fraud. For example, in a court case, a material fact is a crucial piece of information that must be decided by a judge or jury. In contract law, a material breach means that one party failed to meet their obligations significantly enough to warrant a remedy. In securities fraud, any misrepresentation must be significant enough to give rise to liability.
Definition: Material means important information that is significant enough to determine an issue. It can be used in various contexts:
For example, in a contract between two parties, if one party fails to fulfill their obligations significantly enough to where the other party is entitled to a remedy, it is considered a material breach of contract. In securities fraud, if a company fails to disclose an event that would have significantly impacted their business, it is considered a material misrepresentation.