A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
garnishment
A court-ordered process that takes property from a person to satisfy a debt. For example, a person who owes money to a creditor may have her wages garnished if she loses a lawsuit filed by the creditor. Up to 25% of a person's wages can be deducted.
GATT
See General Agreement on Tariffs and Trade.
General Agreement on Tariffs and Trade (GATT)
A comprehensive free-trade treaty signed in 1947 by 117 nations, including almost every developed country. The goal of GATT has been to promote global economic growth by encouraging and regulating world trade. Among other things, member countries are required to treat all other member countries equally in the application of import and export tariffs, offer basic copyright protection to authors from member countries, consult with each other about trade matters and attempt to resolve differences in a peaceful manner. GATT created an international regulatory body known as the World Trade Organization (WTO) to enforce compliance with the agreement.
general damages
See damages.
general partner
A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporation's owners), is personally liable for all the business's debts and obligations. A general partner's actions can legally bind the entire business. See also partnership, limited partnership.
general power of attorney
See power of attorney.
generation-skipping transfer tax
A federal tax imposed on money placed in a generation-skipping trust. Currently, there is a $1 million exemption to the GSTT; that is, each person may leave $1 million in a generation-skipping trust free of this tax. The GSST is imposed when the middle-generation beneficiaries die and the property is transferred to the third-generation beneficiaries. Every dollar over $1 million is subject to the highest existing estate tax rate--currently 55%--at the time the GSTT tax is applied.
generation-skipping trust
A trust designed to save on estate tax. The trust principal is preserved for the trust maker's grandchildren, with his or her children receiving only income from the trust. Because the children (the middle generation) never legally own the property, it isn't subject to estate tax at their death. See generation-skipping transfer tax.
generic mark
In trademark law, a word or symbol commonly used to describe an entire type of product or service rather than to distinguish one product or service from another. An example is "raisin bran," used by several manufacturers of breakfast cereals to describe their products. Generic marks never receive protection because they don't serve the basic function of marks, which is to distinguish goods and services in the marketplace.
genericide
Loss of trademark protection that occurs when a specific brand name becomes identified with the entire type of product or service. For example, Xerox was in danger of losing the trademark on its name when "to Xerox" something was equivalent to copying it.
gift taxes
Federal taxes assessed on any gift, or combination of gifts, from one person to another that exceeds $12,000 in one year. Several kinds of gifts are exempt form this tax: gifts to tax-exempt charities, gifts to your spouse (limited to $120,000 annually if the recipient isn't a U.S. citizen) and gifts made for tuition or medical bills. In addition to the annual gift tax exclusion, there is a $1 million cumulative tax exemption for gifts. In other words, you can give away a total of $1 million during your lifetime -- over and above the gifts you give using the annual exclusion -- without paying gift taxes.
golden rule argument
During a jury trial, an attempt to persuade the jurors to put themselves in the place of the victim or the injured person and deliver the verdict that they would wish to receive if they were in that person's position. For example, if the plaintiff in a personal injury case has suffered severe scarring, the plaintiff's lawyer might ask the jury to come back with the verdict they themselves would want to receive had they been disfigured in such a manner. As a rule, judges frown upon this type of argument, because jurors are supposed to consider the facts of a case in an objective manner.
goods & chattels
See personal property.
grace period
A period of time during which you are not required to make payments on a debt. For example, most credit cards give you a grace period of 20-30 days before you have to pay interest on the amount of your purchases. Cash advances, however, usually have no grace period; interest begins to accumulate from the date of the withdrawal, even if you pay your bills on time. Also, some student loans give you a grace period after graduating or dropping out of school. During this time, you are not required to make payments on your loan.
grand jury
In criminal cases, a group that decides whether there is enough evidence to justify an indictment (formal charges) and a trial. A grand jury indictment is the first step, after arrest, in any formal prosecution of a felony.