Latin for Lawyers

DISCLOSE, DISCLOSURE

land; also, a rejection or denial of responsibility for an act; also, words or conduct limiting or negating a seller's warranty in the sale of goods. DISCLOSE, DISCLOSURE [L. dis / separately, apart + claudere / to shut, close] To make known, reveal, expose. In patent law, the disclosure is the statement of specifications of the invention, describing its subject matter and its method of operation. In securities law, disclosure is the guiding principle under which persons or firms who deal with the public sale or distribution of securites are expected to provide sufficient information to enable the public to make informed decisions about the securities. In general commercial law, disclo sure is the duty to inform the consumer of sufficient facts to enable him to determine whether he wishes to undertake or proceed with a transaction. See Truth in Lending Act, 15 U.S.C.A. §1601 et seq . DISCONTINUANCE [L. dis + continuare / to connect, unite, continue] The voluntary termination of a law suit or proceeding by one party, usually by notice to the court and to the adversary party. At common law, the failure of a party to pursue his action, resulting in dismissal against him. DISCOUNT [L. dis + computare / to count, calculate] Any reduction from gross value to achieve a lower value. An allowance from an obligation or from the price of a commodity. The collection of interest in advance. The difference between the value of an obligation at maturity; i.e., its face value, and its current market value. An allowance reducing an obliga tion for payment in advance. DISCOVERY [L. dis + cooperire / to cover completely, envelop] The recognition of hidden or previously unrevealed facts and circumstances. In law, all the tools available to a litigant to determine and learn facts and evi dence available only to the adversary and upon which the adversary intends to rely at trial. The adversary must make available documents, books and records in his possession. The tools of discovery include written interrogato ries, depositions, the production of documents, physical and mental examina tions, examination of physical evidence, and requests for admissions. DISCRETION, DISCRETIONARY [L. discernere, (pp. discretum ) / to sever, separate] The power to make choices between options and alternatives. The power of a jury, judge or public official to reach decisions between options defined by principles and rules of fairness, reason and law. A discretionary act is an act resulting from the exercise of free choice between reasonable and lawful alternatives. When an official acts beyond the limits of choice set for his job or office, he is said to abuse his discretion . A discretionary trust is a trust

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