Law Dictionary Definitions

gold standard.A monetary system in which currency is convertible into its legal equivalent in gold or gold coin. • The United States adopted the gold standard in 1900 and abandoned it in 1934. Cf. PAPER STANDARD. [Blacks Law 8th]

goldsmiths’ notes.Hist. Bankers’ cash notes; promissory notes given by bankers to customers as acknowledg-ments of the receipt of money. • This term derives from the London banking business, which originally was transacted by goldsmiths. [Blacks Law 8th]

golden-rule argument.A jury argument in which a lawyer asks the jurors to reach a verdict by imagining themselves or someone they care about in the place of the injured plaintiff or crime victim. • Because golden-rule arguments ask the jurors to become advocates for the plaintiff or victim and to ignore their obligation to exercise…

golden rule.The principle that, in construing written instruments, a court should adhere to the grammatical and ordinary sense of the words unless that adherence would lead to some manifest absurdity; esp., in statutory construction, the principle that if a statute’s literal meaning would lead to an absurd or unjust result, or even to an inconsistency…

golden parachute.An employment-contract provision that grants an upper-level executive lucrative severance benefits — including long-term salary guarantees or bonuses — if control of the company changes hands (as by a merger). Cf. TIN PARACHUTE. [Cases: Corporations 308(3). C.J.S. Corporations §§ 532–533, 536.] “Key executives may be provided with significant employment contract clauses that are triggered…

golden handshake.A generous compensation package offered to an employee, usu. as an inducement to retire or upon dismissal. [Blacks Law 8th]

golden handcuffs.Remuneration set at such a high level that the employee earning it cannot leave the firm or company and receive commensurate pay elsewhere. • As a result, the employee often stays in the position even if it is otherwise unrewarding or unpleasant. [Blacks Law 8th]

gold clause.A provision calling for payment in gold. • Gold clauses, which are now void, were once used in contracts, bonds, and mortgages. [Blacks Law 8th]

gold bond.See BOND(3). [Blacks Law 8th]

going witness.See WITNESS. [Blacks Law 8th]