Legal and Financial Terms

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Precedent

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a previous case or legal decision that may be or (binding precedent) must be followed in subsequent similar cases

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Separation of Church and State

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a principle that the government should not establish or favor any religion, and religious institutions should not influence government affairs

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Culpability

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responsibility for a fault or wrong; blame

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Petition/brief

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A written statement submitted in a legal proceeding, explaining a party's legal and factual arguments

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Appellate courts

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court of appeals, is a higher court that reviews decisions made by lower courts, focusing on legal errors, interpretations of the law, and ensuring due process was followed, rather than conducting new trials.

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Stocks

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a share in the ownership of a company

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Bonds

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an agreement to lend money to a company for a certain amount of time

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Dividends

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money earned or paid for loaning or borrowing money

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Shares

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a unit of ownership in a company, granting the holder a portion of the company's profits, assets, and potentially voting rights