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Simple English definitions for legal terms

derivative liability

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A quick definition of derivative liability:

Derivative liability refers to the legal responsibility for a wrong that someone else has the right to seek compensation for. For example, if a shareholder sues a company for wrongdoing, they are seeking compensation on behalf of the company, making it a derivative liability. Liability means being held accountable for something, and derivative liability means being held accountable for something on behalf of someone else.

A more thorough explanation:

Derivative liability refers to the legal responsibility for a wrong that someone other than the person wronged has the right to seek redress for. For example, if a shareholder believes that a corporation's directors have breached their fiduciary duty, the shareholder can sue on behalf of the corporation to recover damages. Another example is when a widow sues for wrongful death on behalf of her deceased spouse.

Derivative liability is different from direct liability, which is when a person is responsible for their own actions. In derivative liability, the person seeking redress is not the one who was directly wronged, but rather has a legal right to sue on behalf of the wronged party.

For instance, in a shareholder's derivative suit, the shareholder is suing on behalf of the corporation, which is the entity that was directly wronged. The shareholder is seeking to recover damages for the corporation, not for themselves personally.

derivative lease | derivative market

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trees1234567
12:40
than I have been so fat
trees1234567
12:40
far
trees1234567
12:40
though the schools I want were only briefly touched on
KnowledgeableRitzyWasp
12:40
i didn’t read it what was it saying?
manifestmoreadmissions
12:43
it basically is expecting more WL movement especially in lower ranked schools. There is already more WL movement than there usually is at this point in the season, so the summer melt should theoretically also create larger WL movement
manifestmoreadmissions
12:43
for those that got fordham Rs did you have any status checker change?
lower ranked schools such as Rutgers??
KnowledgeableRitzyWasp
12:44
ooh perfect, good to see more WL movement
manifestmoreadmissions
12:45
@waitlistmovementwillhappen: here's the post: https://www.reddit.com/r/lawschooladmissions/comments/1dit4j6/waitlist_data_diveschool_info_incl_spivey_data/
@manifestmoreadmissions: ty!
trees1234567
12:48
can someone comment about berkeley on there
manifestmoreadmissions
12:49
the ~one~ thing ill say about these conclusions is that this year seems to have a significant number of applicants who just didn't get admitted into any schools. if they get off the WL then that doesn't necessarily free a spot anywhere. idk if it's more people or fewer people than previous years so maybe its irrelevant but idk food for thought i guess. overall yeah this is making me hopeful
well I called my WL and they were really nice, gave me some hope lol
trees1234567
13:08
which one!
Rutgers lol sorry not one of the top ones
manifestmoreadmissions
13:09
that's still awesome!!
trees1234567
13:09
nah was not asking for myself
trees1234567
13:09
was asking to be excited for you!
manifestmoreadmissions
13:09
did you guys know that jerry springer has a JD from northwestern
he opened my file just from my number and said yeah you're still in consideration after our latest review :')
manifestmoreadmissions
13:12
oh that is sweet
KnowledgeableRitzyWasp
13:15
ooh still in consideration is really solid
yes! holding on to this little bit of hope as I keep waiting
[] ararara
13:17
Such a beautiful day! So many smiling faces! Hang in there people. We’ve got this!
does anybody else feel like they're going more insane now that we're seeing some more WL movement? I feel like I'm being just as neurotic as I was Nov-April checking my email and reddit and here non-stop
lol yup^
KnowledgeableRitzyWasp
13:40
waitlist kind of sucks cause you have to check your email every day or you might miss your chance
13:45
do you guys not check your email every day?
13:46
what kinds of lives are you living?
amlaw
13:49
i laughed out loud
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