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LSDefine
Simple English definitions for legal terms
term in gross
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A quick definition of term in gross:
A term is a word or phrase that has a specific meaning in a certain field or a rule in a contract. A fundamental term is a rule that must be included in a contract for it to be valid, while a nonessential term is not as important. A term in gross is a rule that is not attached to an estate or inheritance. A term of years is a fixed period of time, such as a lease. In court, a term is a period during which the court conducts judicial business. There are different types of court terms, such as general terms and special terms. A term annuity is a type of annuity payment, and a term fee is a sum that a solicitor may charge a client for each term in which legal proceedings take place.A more thorough explanation:
Definition: A term in gross is a term that is unattached to an estate or inheritance.
Example: John owns a term in gross for a piece of land. This means that he has the right to use the land for a specific period of time, but he does not own the land itself.
Explanation: A term in gross is a type of legal term that is not attached to any property or estate. It is a right to use or occupy a property for a specific period of time, but it does not give the holder any ownership rights. In the example, John has the right to use the land for a specific period of time, but he does not own the land itself. This means that he cannot sell or transfer the land to anyone else.