Tangible asset An item one owns that has financial value and physically exists (i.e. can be touched), including real property and personal property.
Tangible property Anything one owns that physically exists (i.e. can be touched), including real property and personal property.
Tax A compulsory payment, taken from workers’ income and business’ profits, that is used to fund public services provided by the state.
Tax avoidance Taking advantage of the tax system in order to reduce the amount of tax one must pay. Tax avoidance is not illegal.
Tax evasion Taking illegal steps to avoid paying taxes. Tax evasion is illegal.
Taxation of costs The process whereby court costs are calculated when, at the end of a case, it has been ruled that one party must pay the court costs of the other.
Teeming and lading A form of fraud in which a bookkeeper steals money from one customer’s payment, then conceals the theft by using money stolen from another customer’s payment to balance the books. This can be repeated multiple times. Also known as ‘short banking’, ‘lapping’ and ‘delayed accounting’.
Tenant An individual who lives in a property rented from a landlord.
Tenure In real estate and employment law, tenure refers to a fixed period of time in which a party has the right to occupy land or hold a position.
Terra Land that is unoccupied and belongs to no state. Also known as ‘no man’s land’.
Terrorism The use or threat of unlawful force to influence a government or create public fear, in order to achieve an ideological goal.
Testament A legal document outlining what should happen to a person’s property after their death. Also known as a ‘will’.
Testamentum Otherwise known as a will, this is a disposition of property in the event of death.
Testator An individual who dies without leaving a will.
Testify To give evidence in a court under oath.
Testimony A witness’s statement of events, given under oath.
The law of Tort The body of law that aims to provide relief for those who have been victims of wrongdoing.
Timeshare A property (typically a holiday home) that is shared by multiple parties, with each party being allocated a fixed amount of time to enjoy the property.
Tortfeasor An individual who commits a tort (an act that infringes on the rights of another).
Trademark A registered sign, design or expression that instantly identifies goods or services as coming from a particular source.
Transcript A word-for-word written record of words that were spoken.
Treason The crime of betraying one’s country; for example, by plotting to overthrow the head of state.
Tribunal An individual or institution that has the authority to settle claims or disputes.
Trust A legal obligation whereby one party (the trustor) charges another (the trustee) with holding their property for the benefit of a third party (the beneficiary).
Trustee A person who holds a property in place of another for a set period of time subject to the terms of a document provided by the homeowner.