Law Dictionary

KPIs, or key performance indicators, are measurable values a business uses to evaluate progress against goals, such as revenue, customer satisfaction or employee productivity. It is a management and business term rather than a legal one, although KPIs become legally significant when written into contracts or compensation plans.

A KPI scorecard is a management tool that lists key performance indicators with targets and actual results, often colour coded, so performance can be assessed at a glance. It is a business term rather than a legal one. It may become legally relevant when tied to compensation or contract obligations.

KPIs for startups are the key performance indicators early-stage businesses use to track growth, such as monthly recurring revenue, customer acquisition cost, churn and user engagement. It is a business term rather than a legal one. KPIs become legally relevant when tied to investment milestones, vesting or earn-outs.

KPI tracking is collecting and recording data on key performance indicators over time to measure progress toward business or project goals. It is a management and business term rather than a legal one. Legal issues arise when tracking involves employee personal information or contractual performance targets.

Labour means work performed for pay. In law it often refers to the rules governing employers and employees, including minimum employment standards, collective bargaining, workplace safety and human rights. Independent contractors are generally outside employment standards legislation, although worker status depends on the real relationship.

A landlord is the owner or holder of an interest in real property who grants a tenant the exclusive right to occupy it for a term in exchange for rent. In British Columbia a commercial landlord's rights and obligations come mainly from the lease and the common law, supplemented by the Commercial Tenancy Act, not the Residential Tenancy Act.

Land title is legal ownership of land as recorded in British Columbia's Land Title Register, maintained by the Land Title and Survey Authority under the Land Title Act. BC uses a Torrens system: the register itself, not a paper deed, is conclusive evidence of the registered owner's indefeasible title, subject to registered charges and limited statutory exceptions.

A lease is a contract that grants a tenant exclusive possession of premises for a defined term in exchange for rent, creating an interest in land. In British Columbia commercial leases are governed chiefly by their own terms and the common law; the Residential Tenancy Act applies only to residential premises. Leases over three years can be registered on title.

A leasehold is an interest in land held by a tenant for a fixed term under a lease, as distinct from freehold ownership. In British Columbia long-term leaseholds, such as prepaid strata leaseholds or ground leases, can be registered on title under the Land Title Act, bought, sold and mortgaged, but revert to the landlord when the term ends.

"Legal" means permitted by, or relating to, the law. A legal act is one the law allows or does not prohibit; a legal right or obligation is one the law recognizes and enforces. It is a general word rather than a defined legal term.

Legal advice is guidance from a lawyer applying the law to a client's particular situation, such as advising on rights, obligations or a course of action. It differs from general legal information. Communications made to obtain or give legal advice are normally protected by solicitor-client privilege.

A legal dispute is a disagreement between parties over legal rights or obligations, such as a breach of contract, unpaid debt, property or intellectual property conflict. It can be resolved by negotiation, mediation, arbitration or litigation in a court or tribunal.

A legal document is a written instrument that creates, records or evidences legal rights and obligations, such as a contract, deed, lease, will, power of attorney, resolution or court filing. Its effect depends on its content, proper signing and, in some cases, registration or filing.

A legal entity is a person recognized by law as able to own property, sign contracts, and sue or be sued in its own name. In British Columbia, separate legal entities include BCBCA companies (including unlimited liability companies), societies and cooperative associations. A sole proprietorship or a general or limited partnership is not a separate legal person.

A legal framework is the combination of statutes, regulations, case law and policies that govern a particular activity or sector. In Canada, the framework for a business usually includes both federal and provincial laws, as well as municipal bylaws. It is a descriptive phrase rather than a defined legal term.

Legal interpretation is the process of determining what a statute, regulation, contract or other legal document means and how it applies to particular facts. Courts use established principles, such as reading statutory words in context and in light of their purpose, and reading contracts in light of their surrounding circumstances.

A legal obligation is a duty the law will enforce, arising from a contract, a statute or regulation, or the common law, such as a duty of care. Failing to meet a legal obligation can lead to damages, fines, penalties or court orders. Moral or social duties are not legal obligations unless the law recognizes them.

A legal precedent is a court decision that serves as authority for deciding later cases with similar facts or issues. Under stare decisis, lower courts must follow binding decisions of higher courts in their hierarchy. Precedent gives the law consistency and predictability.

Legal protection is a general phrase for the ways the law safeguards rights and interests, such as contracts, intellectual property rights, consumer protection laws, security interests and court remedies. It is not a defined legal term. The protection available depends on the specific right and the law that creates it.

A legal remedy is the relief a court or tribunal grants to a party whose rights have been infringed, such as damages, an injunction, specific performance, a declaration or rescission. Contract damages put the innocent party where it would have been had the contract been performed, while tort damages restore it to its pre-wrong position.

Legal responsibility, or liability, is a person's or company's obligation under the law to answer for its acts or omissions, for example by paying damages or a fine. It can arise in contract, in tort such as negligence, or under statutes and regulations.

Legal status is the position a person or entity holds under the law, which determines its rights, capacity and obligations. For a business, it usually refers to its form, such as a sole proprietorship, partnership or company, and whether it is in good standing with the corporate registry.

A legal system is the set of laws, courts, tribunals and institutions through which a society makes, interprets and enforces law. Canada's system is based on common law in every province except Quebec, which uses civil law for private matters, with both federal and provincial levels of law.

Legal theory is the study of the nature, foundations and purposes of law, including questions about what law is, why it binds, and how it should be interpreted. Examples include legal positivism, natural law theory and law and economics. It is an academic field rather than a body of rules a business must follow.

A legal transaction is any act or agreement that creates, changes, transfers or ends legal rights and obligations, such as a contract, a sale of goods, shares or land, a lease or a licence. In BC, most contracts are binding once the parties agree on the essential terms and intend to be bound, whether or not the agreement is in writing.