Law Dictionary

Moral rights refer to the non-economic rights of an author or creator of a work, including the right to be attributed as the author, the right to integrity of the work, and the right to control the use of the work in a manner that is consistent with the creator's moral beliefs. In British Columbia, moral rights are protected under the Copyright Act and can be enforced through legal action.

A mortgage is a legal agreement between a borrower and a lender in which the borrower pledges a property as collateral for a loan. In British Columbia, mortgages are commonly used in real estate transactions to finance the purchase of a property. The terms of a mortgage typically include the amount of the loan, the interest rate, the repayment schedule, and the consequences of default. The lender has the right to foreclose on the property if the borrower fails to make the required payments.

Mortgage fraud refers to the intentional misrepresentation or omission of information by a borrower, lender, or other party involved in a mortgage transaction for the purpose of obtaining a loan or property under false pretenses. In British Columbia, mortgage fraud is a serious criminal offense that can result in significant financial and legal consequences for those involved. Examples of mortgage fraud include falsifying income or employment information, inflating property values, and using straw buyers or fake identities to obtain loans.

Mortgage insurance is a type of insurance that protects lenders in the event that a borrower defaults on their mortgage payments. In British Columbia, mortgage insurance is typically required for borrowers who have a down payment of less than 20% of the purchase price of a property. This insurance is provided by private insurers, such as the Canada Mortgage and Housing Corporation (CMHC), and is designed to reduce the risk of default for lenders. Mortgage insurance premiums are typically added to the borrower's monthly mortgage payments.

A mortgage loan is a type of loan that is secured by real estate property, where the borrower pledges the property as collateral for the loan. In British Columbia, mortgage loans are commonly used to finance the purchase of real estate, and are subject to specific legal requirements and regulations. These may include requirements for disclosure of terms and conditions, restrictions on interest rates and fees, and provisions for default and foreclosure. Mortgage loans may be obtained from banks, credit unions, or other financial institutions, and may be used for residential or commercial properties.

A mortgage rate refers to the interest rate charged by a lender on a mortgage loan. In British Columbia, mortgage rates are regulated by the federal government and can vary depending on the type of mortgage, the borrower's creditworthiness, and the current market conditions. Mortgage rates are a critical factor in determining the affordability of a property and can have a significant impact on the overall cost of homeownership.

Mortgage refinancing refers to the process of obtaining a new mortgage loan to replace an existing one, typically with the goal of obtaining better terms or rates. In the context of business, real estate, or technology law in British Columbia, mortgage refinancing may involve negotiating with lenders, reviewing and amending loan agreements, and ensuring compliance with relevant regulations and laws.

A mortgage term refers to the length of time that a borrower agrees to repay a mortgage loan. In British Columbia, the mortgage term can range from six months to ten years, with the most common term being five years. During the mortgage term, the borrower is obligated to make regular payments to the lender, which includes both principal and interest. At the end of the term, the borrower may choose to renew the mortgage or pay off the remaining balance. The terms of the mortgage are typically outlined in a mortgage agreement, which is a legally binding contract between the borrower and the lender.

A mortgagee is a lender who provides a loan secured by a mortgage on real property. In British Columbia, mortgagees have legal rights to foreclose on the property if the borrower defaults on the loan. Mortgagees may also have the right to demand payment in full if the borrower breaches the terms of the mortgage agreement.

A mortgagor is an individual or entity that borrows money from a lender to purchase real estate, and pledges the property as collateral for the loan. In British Columbia, the mortgagor is responsible for making timely payments on the mortgage, and may face foreclosure if they default on the loan.

A multilateral agreement in the context of business, real estate, or technology law in British Columbia refers to a legally binding agreement between three or more parties, typically involving multiple countries or jurisdictions. Such agreements are designed to promote cooperation and collaboration among the parties involved, and may cover a wide range of issues related to trade, investment, intellectual property, and other areas of mutual interest. Multilateral agreements are often negotiated and signed by governments, but may also involve private sector entities or other stakeholders.

Mutual mistake refers to a situation in which both parties to a contract are mistaken about a material fact at the time the contract is formed. In British Columbia business, real estate, or technology law, a mutual mistake can render a contract voidable or unenforceable, depending on the circumstances. To be considered a mutual mistake, both parties must have been unaware of the error and the mistake must have had a significant impact on the terms of the contract.

A mutual release is a legal agreement between two parties in which both parties agree to release each other from any claims or liabilities arising from a specific transaction or dispute. In the context of business, real estate, or technology law in British Columbia, a mutual release is often used to settle disputes or terminate contracts. The agreement typically includes provisions for confidentiality and non-disparagement.

Negligence, in the context of business, real estate, or technology law in British Columbia, refers to the failure to exercise reasonable care or skill in the performance of a duty, resulting in harm or loss to another party. It is a breach of the duty of care owed by one party to another, and can result in legal liability for damages. Negligence can arise in a variety of contexts, including professional services, product design and manufacturing, and property management.

A non-compete clause is a contractual provision that restricts an individual or entity from engaging in certain competitive activities with a business for a specified period of time after the termination of a business relationship. In British Columbia, non-compete clauses are commonly used in employment contracts, business sale agreements, and technology licensing agreements to protect the interests of the business and prevent unfair competition. However, the enforceability of non-compete clauses in British Columbia is subject to strict legal requirements and must be reasonable in scope and duration to be valid.

A non-competition agreement is a legal contract between an employer and an employee that restricts the employee from engaging in certain competitive activities after leaving the employer's company. In British Columbia, non-competition agreements must be reasonable in scope, duration, and geographic area to be enforceable. These agreements are commonly used in business, real estate, and technology law to protect a company's trade secrets, confidential information, and customer relationships.

A non-disclosure agreement (NDA) is a legal contract between two or more parties that outlines confidential information that will be shared between them and prohibits the recipient from disclosing that information to others without the consent of the disclosing party. NDAs are commonly used in business, real estate, and technology law in British Columbia to protect trade secrets, proprietary information, and other sensitive data.

A non-disclosure clause is a legal provision in a contract that prohibits one or more parties from disclosing confidential information to third parties without prior consent. In the context of business, real estate, or technology law in British Columbia, non-disclosure clauses are commonly used to protect trade secrets, proprietary information, and other sensitive data from being shared or used by unauthorized individuals or entities. Such clauses are often included in employment contracts, partnership agreements, and other business arrangements where confidential information may be exchanged.

A non-disclosure commitment is a legally binding agreement between parties that prohibits the disclosure of confidential information shared during a business transaction or negotiation. In British Columbia, non-disclosure commitments are commonly used in the context of business, real estate, and technology law to protect sensitive information and trade secrets. The commitment outlines the terms and conditions of the agreement, including the scope of the confidential information, the duration of the commitment, and the consequences of a breach.

A non-disclosure obligation is a legal agreement between parties that requires one or more parties to keep certain information confidential and not disclose it to third parties without prior consent. In the context of business, real estate, or technology law in British Columbia, non-disclosure obligations are commonly used to protect trade secrets, confidential business information, and other sensitive data. These obligations can be included in contracts, employment agreements, or other legal documents, and may include provisions for damages or other remedies in the event of a breach.

A non-disclosure provision is a contractual clause that prohibits one or both parties from disclosing confidential information to third parties without prior consent. In the context of business, real estate, or technology law in British Columbia, non-disclosure provisions are commonly used to protect trade secrets, proprietary information, and other sensitive data. These provisions are typically included in employment contracts, non-disclosure agreements, and other legal documents to ensure that confidential information remains confidential and is not used for unauthorized purposes.

A non-disclosure requirement is a legal obligation imposed on individuals or entities to maintain confidentiality and not disclose certain information to third parties without prior authorization. In the context of business, real estate, or technology law in British Columbia, non-disclosure requirements are commonly used in contracts, agreements, and transactions to protect sensitive information, trade secrets, and intellectual property. Failure to comply with a non-disclosure requirement can result in legal consequences, including damages and injunctions.

A non-disclosure statement, also known as a confidentiality agreement, is a legal document that outlines the terms and conditions of keeping certain information confidential between parties. In the context of business, real estate, or technology law in British Columbia, a non-disclosure statement is often used to protect sensitive information, such as trade secrets, client lists, or proprietary technology, from being shared or used by unauthorized parties. The agreement typically includes provisions for the duration of the confidentiality obligation, the scope of the information covered, and the consequences of any breach of the agreement.

A non-disclosure undertaking is a legal agreement between two parties, typically in the context of business, real estate, or technology law in British Columbia, in which one party agrees to keep confidential information shared by the other party confidential and not to disclose it to any third party without prior written consent. This undertaking is often used to protect sensitive information, trade secrets, or intellectual property.

A non-profit organization in British Columbia is a legal entity that operates for purposes other than generating profit, such as charitable, educational, or social causes. Non-profit organizations are governed by the BC Societies Act and must meet specific requirements for registration and operation, including the appointment of a board of directors and adherence to reporting and financial disclosure obligations. Non-profit organizations may engage in business activities to support their charitable purposes, but any profits generated must be reinvested in the organization rather than distributed to shareholders or owners.