Vitiate is the act of impairing or voiding the effect of something else. Thus, a statute that vitiates a contract has the effect of voiding at least one of the contract's provisions.
[Last updated in July of 2024 by the Wex...
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void
Void means having no legal effect from the start. Thus, a void contract is invalid from the start of its purported closing. Note: having no legal effect, it does not change the legal relationship between the parties involved.
...voidable
Voidable means a contract is valid unless rejected by a party with the legally protected option of doing so. Thus, state law may allow minors to either affirm or reject any promises made in a contract by calling such contracts voidable. See e...
Volcker Rule
The Volcker Rule refers to a broad set of rules adopted under Dodd-Frank Title VI that attempts to reduce risk within banking institutions, stemming from mixing investment banking and commercial banking. The Volcker Rule consists of two major...
voting trust
A voting trust is when individual shareholders, or a group, transfer their voting rights to a trustee, or a group of trustees. Voting trusts are a device for combining shareholder’s voting power as the trustee then controls a unified voting...
wage attachment
Wage attachment, also known as wage garnishment, is a court order by which the court attaches debtors' wages to help pay their creditors by directly transferring the wages to the creditors. Although a wage attachment order can be obtained...
waiting period
The waiting period is the stage in the initial public offering (IPO) process after the issuer files their registration statement with the Securities and Exchange Commission (SEC) and waits for the SEC to declare their registration statement...
waive
To waive is to voluntarily relinquish or give up a right, claim, or privilege. It can apply to a variety of legal situations, such as knowingly giving up a legal right like a speedy trial or a jury trial, forgoing certain rights in a...
waiver
A waiver is the intentional or voluntary relinquishment or surrender of a recognized right or privilege. In legal contexts, a waiver is often documented in writing, but it can also be implied through actions. By waiving a right, an individual...
warehouseman's lien
A warehouseman’s lien is a legal right granted to a storage facility or warehouse operator, allowing them to retain possession of goods stored on their premises until outstanding charges or debts for storage, handling, or related services are...