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Legal Terms Defined

Below is a list of legal terms and their definitions. I hope that knowing the definition of these terms will help you in your credit card lawsuit.

Arbitration – The process by which the parties to a dispute submit their differences to the judgment of an impartial person or group appointed by mutual consent or statutory provision.

Account Stated – An agreement between parties who have had previous transactions that the account representing those transactions is true and that the balance stated is correct, together with a promise, express or implied, for the payment of such balance – McHugh v. Olsen, 189 Ill.App.3d 508, 514, 545 N.E.2d 379 (lsl Dist. 1989).

Breach – A failure or violation of legal obligation.

Complaint – The initial pleading which sets out the plaintiff’s legal claims and starts a lawsuit.

Contract – A legally valid agreement to do (or not to do) something, such as an employment contract, credit, contract of sale for real estate.

Continuance – A delay. A party who wants the court to postpone a deadline requests a continuance.

Counterclaim – A legal claim by a defendant against a plaintiff.

Credit Card Debt Lawsuit Burden of Proof – The requirement that a party convince the judge or jury that his or her claim is correct. In most civil cases, the plaintiff has the burden of proving a claim by a preponderance of the evidence, which means more than 50%.

Default Judgement – A court order for judgment against the defendant to pay the amount requested by the plaintiff, because the defendant failed to answer and defend against a lawsuit.

Discovery – Formal investigation that parties conduct before trial in order to obtain information from each other about the case to prepare for settlement or trial. The primary discovery tools in most cases are depositions and interrogatories.

Additional Information

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