Law Dictionary Definitions

Basket Clause.See NECESSARY AND PROPER CLAUSE. [Blacks Law 8th]

basis point.One-hundredth of 1%; .01%. • Basis points are used in computing investment yields (esp. of bonds) and in apportioning costs and calculating interest rates in real-estate transactions.[Blacks Law 8th]

basis. 1. A fundamental principle; an underlying condition. 2.Tax. The value assigned to a taxpayer’s investment in property and used primarily for computing gain or loss from a transfer of the property. • When the assigned value represents the cost of acquiring the property, it is also called cost basis. — Also termed tax basis.…

basic patent.See pioneer patent under PATENT(3). BASILICA basilica (b<<schwa>>-sil-i-k<<schwa>>). [Greek] Hist.1. (cap.) A 60-book Greek summary of Justinian’s Corpus Juris Civilis, with comments (scholia). • The Basilica (“royal law”) was begun by the Byzantine emperor Basil I, and it served as a major source of the law of the Eastern Empire from the early 10th…

basic norm.See NORM. [Blacks Law 8th]

basic mistake.See MISTAKE. [Blacks Law 8th]

basic-form policy.See INSURANCE POLICY. [Blacks Law 8th]

basic crops.See CROPS. [Blacks Law 8th]

base tenure.See TENURE. [Blacks Law 8th]

base service.Hist. Agricultural work performed by a villein tenant in exchange for the lord’s permission to hold the land. Cf. KNIGHT-SERVICE.[Blacks Law 8th]