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Index of Legal Terms

A definitive collection of legal terms that are used by attorneys in contracts, agreements and other legal documents in South Africa.

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Vacation: The annulment of a previous judgment or decision; the act of setting aside or canceling.

Valid: Legally binding; sufficient; justifiable; complying with necessary regulations and formalities.

Valuable consideration: A matter of contract in which one party agrees to do something in return for something the other party agrees to give him, usually money or property. The term implies that the person promised something has the right to enforce the promisor to pay him.

Valuation: The estimated worth of something; the price placed upon something.

Value received: A term frequently used in a promissory note, meaning that a lawful consideration (a situation wherein one party agrees to do something in return for something the other party agrees to give him) has been given for the note.

Vandalism: The senseless, wilful destruction of or injury to property.

Venture: A new business enterprise, embarked upon to make a profit. It is implicit that a venture carries with it the possibility of losing money, as well as making money.

Venue: The locality where a case is tried; a neighbourhood.

Verbal agreement: An agreement reached orally, not committed to writing; a parol contract.

Verification: Confirmation as to the truthfulness of something, either by swearing under oath or by offering an affidavit as to validity.

Verify: To substantiate or confirm under oath.

Vested: Something not subject to being taken away, such as vested rights; complete; settled; absolute; not dependent upon conditions, such as the complete, vested ownership of property.

Viability: The ability to sustain life, such as the ability of an unborn child to live if it were not in its mother's womb; capable of working out, such as the viability of an enterprise; being able to survive; practicable.

Vice: 1. Instead of; in place of, as a vice president. 2. Immoral or sinful conduct. 3. A defect or fault; an imperfection.

Visitation: The act of visiting and investigating the premises of an institution or business by an official agency. Such visitation is usually carried out to determine if an institution is being managed properly. Prisons, state hospitals, and other institutions are often visited by specially appointed committees of observers or overseers.

Vital statistics: Information on births, deaths, longevity, marriages, divorces, matters of health, etcetera, kept by the public authorities. Such data is kept in a hall of records.

Voetstoots: A clause in an agreement that means goods are sold as they are, with defects known or unknown to the buyer. The application of the Consumer Protection Act excludes the use of this clause.

Void: Having no legal or binding effect; null; ineffectual.

Voucher: A receipt showing that one has paid a debt; a book of accounts containing the company's receipts; a document that gives evidence of an expenditure.

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