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TERM
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TERM , an See also:English word which has various meanings, all arising from its See also:etymology (See also:Lat. See also:terminus), and the See also:idea of limiting or defining.
A term of years, in English See also:law, is the See also:time during which an See also:interest in an See also:estate for See also:life or for years is enjoyed, also the interest itself, because such an interest must determine at a definite time. If the interest be for life, it is an estate of See also:free-hold; if for years, only a See also:personal interest in real estate, and so personalty, even though the length of the term—for instance, l000 years—may far exceed in duration any possible life estate. A term of years is of two kinds—the first that created by an See also:ordinary See also:lease reserving a See also:rent, as of a See also:house or a See also:building lease; the second that created by a See also:settlement or a will, usually without rent reserved, for the purpose of securing See also:payment of See also:money, such as portions to younger See also:children, by the owner of the See also:land. Both kinds have been considerably° affected by the See also:Conveyancing Acts of 1881 and 1882, which enable a mortgagor or mortgagee in See also:possession to make certain leases. Before 1845 See also:provision was always made in conveyances for keeping on See also:foot a term to attend the See also:inheritance, as it was called—that is, for assigning the See also:remainder of a term to trustees for the See also:protection of the owner of the See also:property against rent-charges or other incumbrances created subsequently to the term
although the term had been satisfied—that is, the purpose for which the term has been created had been fulfilled. By the See also:Assignment of Satisfied Terms See also:Act 1845 the assignment of satisfied terms was rendered unnecessary. The Conveyancing Acts 1881 and 1882 give See also:power to enlarge the unexpired See also:residue of a See also:long term in certain cases into the See also:fee See also:simple.
Terms, in the sense of a limited and certain See also:period of time during which the law courts are open, used to affect only what were called in See also:England the See also:superior courts—that is, the See also: There were four terms, Hilary, See also:Easter, Trinity and Michaelmas, the See also:average duration of each being about three See also:weeks. All legislation on the subject previous to 1873 is now merely of See also:historical interest, for by the Judicature Act of that year terms were abolished so far as related to the ad-ministration of See also:justice and sittings substituted. The previous subdivisions of the legal year were, however, retained, the See also:dates of commencement and termination being somewhat changed. The Michaelmas sittings of the high See also:court and court of See also:appeal are now held from the 24th of See also:October to the 21st of See also:December, the Hilary sittings from the 11th of See also:January to the Wednesday before Easter, the Easter sittings from the Tuesday after Easter See also:week to the See also:Friday before See also:Whitsunday, and the Trinity sittings from the Tuesday after Whitsun week to the 12th of See also:August, all dates inclusive. The old terms, with their duration as fixed by See also:statute, are now kept alive only for the purpose of reference in all cases in which they are used as a measure of time. In the See also:United States the terms or sittings of the courts are not limited to any fixed period of time, but vary according to the judges available and the amount of judicial business which is likely to come before the courts. The dining-terms at the Inns of Court also correspond in point of time with the old terms and not with the sittings. In See also:universities and See also:schools the word term is used for the period during which instruction is given to the students or pupils. University and school terms differ from law terms and from each other both in period and duration. At the university of See also:Cambridge the See also:academic year is divided into three terms, Michaelmas, See also:Lent and Easter; while at the university of See also:Oxford there are four terms in the year, 1\/Iichaelmas, Hilary, Easter and Trinity. School years now generally consist of three terms, divided by See also:Christmas, Easter and Summer holidays, the old See also:half-years having gradually been abolished. In higher educational institutions in the United States the university or See also:college year is generally divided into three terms called either the Fall, See also:Winter and See also:Spring terms, or much less frequently the first, second and third terms. In some institutions, however, the so-called semester See also:system has been adopted, the year being divided into two terms, so far as instruction is concerned, though even in these cases vacations at Christmas time and in the early spring See also:divide the year into three parts, which are sometimes, though not in the usual or proper sense, called terms. In See also:Scotland terms are the days at which rent or interest is payable. They are either legal or conventional: the legal are Whitsunday and Martinmas; the conventional are fixed by agreement between the parties. Terms as times of court sittings were defined by 6 See also:Anne c. 53, which fixed four terms—Martinmas, See also:Candlemas, Whitsuntide and See also:Lammas—for the now obsolete court of exchequer, to which the winter and summer sittings of the court of session now correspond. Additional information and CommentsThere are no comments yet for this article.
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