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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.

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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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15:20
@GruesomeStripedWizard: how did the interview go?
2E2EDDBBTT
15:50
so sad
2E2EDDBBTT
15:50
sad
2E2EDDBBTT
15:50
sad
2E2EDDBBTT
15:50
GMU
it was mostly just them gauging my interest and letting me know that if admitted I'd have only a few days to make a decision! hope u guys hear back soon too
16:10
thanks! and good luck to you!
SillyGoose1111
16:54
Any word on Georgetown? Is it full?
SimonTWill
17:15
Georgetown isn't full, they said they would get back to some waitlisted people at the latest by the week of 6/12
SimonTWill
17:15
They let a few people in since they said that, but I would find it hard to believe that it is full already; their second deposit deadline is today, so well know more likely this week
18:23
Vandy WL to A!!!!!
19:22
congrats that's so exciting!!!
ColossalLuckyInsect
19:34
congrats omg
19:40
tysm! super quick turnaround from interview yesterday, so vindicated
SillyGoose1111
19:51
@reprobaddie4 Congratulations! Me too! so excited.
Congrats!!
20:23
@SillyGoose1111: congrats!!! will you be attending?
Hey! so how does a law school look at transcript which has both undergraduate and graduate courses? I mean my degree is BALLB (BA-undergraduate and LLB- Law graduate) and so I was just wondering how will my GPA be calculated.
@SubstantialFertileNightingale: your lsac gpa will only be calculated using undergrad. dont worry about grad gpa, they dont care too much unless you failed
10:57
Anyone hear anything about SMU waitlist? They’ve been weirdly quiet
come one uga WL. so impatient
11:58
@Lilabeans12: nothing apart from confirmation that they received my LOCI
12:57
@UnrulyLoosePorcupine: same, if I got in off the waitlist that’s the only school that’d be an easy move, being in state
@Fatbear747: are you on the regular or priority WL?
16:58
So I was tutoring today and one of my students let it slip in what seemed like a very honest moment that they think I’m better at instructing the LSAT then the creator of the company I work for
16:59
Is it sad that this is the best moment of my life?
17:00
I feel like that blonde woman from Scarface who Tony’s in love with (he calls her a tiger 🐅!) when she’s at dinner, just stands up, raises her both her hands and says “I’ve got Freddy the pig as a friend, what kind of a life is that?”
17:00
💀 ⚰️⚰️⚰️⚰️⚰️⚰️⚰️🪦🪦🪦🪦🪦✌️🤣😂
19:15
Is the debt burden of a T14 at sticker that bad if you go BL?
19:27
@UnrulyLoosePorcupine: priority, lol. But I’ve seen their right line and they won’t take me with my LSAT
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