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earnings before interest and taxes- See EARNINGS.

earnings before interest, taxes, and depreciation Corporations. A company's income without deductions for interest expenses, taxes, depreciation expenses, or amortization expenses, used as an indicator of a company's profitabilty and ability to service its debt. - Abbr. EBITDA.

earnings before interest, taxes, and depredation See EARNINGS.

earnings excluding special items See operating earnings under EARNINGS.

earnings per share A measure of corporate value by which the corporation's net income is divided by the number of outstanding shares of common stock. Investors benefit from calculating a corporation's earnings per share, because it helps the investors determine the fair market value of the corporation's stock. Abbr. EPS.

earnings report See INCOME STATEMENT.

earnings yield See YIELD.

earnings-price ratio See earnings yield under YIELD.

earnout agreement An agreement for the sale of a business whereby the buyer first pays an agreed amount up front, leaVing the final purchase price to be determined by the business's future profits. The seller usu. helps manage the business for a period after the sale. Sometimes shortened to earnout.

earwitness A witness who testifies about something that he or she heard but did not see. Cf. EYEWITNESS.

easement (eez-mant). An interest in land owned by another person, consisting in the right to use or control the land, or an area above or below it, for a specific limited purpose (such as to cross it for access to a public road). The land benefiting from an easement is called the dominant estate; the land burdened by an easement is called the servient estate. Unlike a lease or license, an easement may last forever, but it does not give the holder the right to possess, take from, improve, or sell the land. The primary recognized easements are (1) a right-of-way, (2) a right ofentry for any purpose relating to the dominant estate, (3) a right to the support ofland and buildings, (4) a right of light and air, (5) a right to water, (6) a right to do some act that would otherwise amount to a nuisance, and (7) a right to place or keep something on the servient estate. See SERVITUDE (1). Cf. PROFIT A PRENDRE. - Also termed private right-of-way.

easement appurtenant An easement created to benefit another tract of land, the use of easement being incident to the ownership of that other tract. Also termed appurtenant easement; appendant easement; pure easement; easement proper. Cf. easement in gross.

easement by estoppel A court-ordered easement created from a voluntary servitude after a person, mistakenly believing the servitude to be permanent, acted in reasonable reliance on the mistaken belief.

easement by implication See implied easement.

easement by necessity An easement created by operation of law because the easement is indispensable to the reasonable use of nearby property, such as an easement connecting a parcel ofland to a road. Also termed easement of necessity; necessary way.

easement by prescription See prescriptive easement

easement in gross An easement benefiting a particular person and not a particular piece of land. The beneficiary need not, and usu. does not, own any land adjoining the servient estate. Cf. easement appurtenant.

easement of access See access easement.

easement of convenience An easement that increases the facility, comfort, or convenience of enjoying the dominant estate or some right connected with it.

easement of natural support See lateral support under SUPPORT (4).

easement of necessity See easement by necessity.

easement of passage See access easement.

easement of way See access easement.

easement proper See easement appurtenant.

easonably believe See BELIEVE.

east greenwich (eest gren-ich). The name of a royal manor in the county of Kent, England. Historically, this manor was mentioned in royal grants or patents as descriptive of the tenure of free socage.

east India company The company that was originally established to pursue exclusive trade between England and India, and that later became more active in political affairs than in commerce. In 1858, the Government of India Act transferred governance over the company's territories to the Crown. The company was dissolved in 1874. St. 21 & 22 Vict., ch. 106.

easter sittings English law. A term of court beginning on April 15 of each year and usu. ending on May 8, but sometimes extended to May 13. This was known until 1875 as Easter term. Cf. HILARY SITTINGS; MICHAELMAS SITTINGS; TRINITY SITTINGS.

easter-offerings Eccles. law. Small sums of money paid as personal tithes to the parochial clergy by the parishioners at Easter. Under the Recovery of Small Tithes Act (1695), Easter-offerings were recoverable before justices of the peace. St. 7 & 8 Will. 3, ch. 6. Also termed Easter-dues.

eat abbr. Earnings after taxes.

eat inde sine die (ee-at in-dee si-nee di-ee) [Latin], Let him go thence without day. These words were used on a defendant's acquittal, or when a prisoner was to be discharged, to signify that the matter be dismissed without any further judicial proceedings. See GO HENCE WITHOUT DAY.

eaves-drip 1. The dripping of water from the eaves of a house onto adjacent land. 2. An easement permitting the holder to allow water to drip onto the servient estate. See DRIP RIGHTS; STILLICIDIUM.

eavesdropping The act of secretly listening to the private conversation of others without their consent. Cf. BUGGING; WIRETAPPING.

eb abbr. BUREAU OF ECONOMIC AND BUSINESS AFFAIRS.

ebb and flow (bef. 12c), The coming and going of the tides. This expression was formerly used to denote the limits of admiralty jurisdiction. The tidewater limitation was abandoned in The Genesee Chief v. Fitzhugh, 53 U.S. (12 How.) 443 (1851).

ebba et fluctus (eb-a et flak-tas), n. [Latin "ebb and flow"]. The ebb and flow of tide; ebb and flood. The time of one ebb and flood, plus an additional 40 days, was anciently granted to a person who was excused from court for being beyond seas. See EBB A ND FLOW; ESSOIN; BEYOND SEAS.

ebdomadarius (eb-dom-a-dair-ee-as), n. [Latin "weekly"], Eccles. law. An officer in a cathedral church who supervises the regular performance of divine service and prescribes the duties of choir members.

ebit abbr. See earnings before interest and taxes under EARNINGS.

ebitda abbr. See EARNINGS.

ebriety Rare. A state or habit ofintoxication; inebriation.

ec abbr. 1. ETHICAL CONSIDERATION. 2. European Community. See EUROPEAN UNION.

ecclesia (i-klee-z[h]ee-a), n. [Latin fr. Greek ekklesia "assembly"], 1. A place of religious worship. 2. A Christian assembly; a church.

ecclesiarch (i-klee-zee-ahrk), n. The ruler of a church.

ecclesiastic (i-klee-zee-as-tik), n. A clergyman: a priest; one consecrated to the service of the church.

ecclesiastical (i-klee-zee-as-ti-kal), adj. Of or relating to the church, esp. as an institution. Also termed ecclesiastic.

ecclesiastical authorities The church's hierarchy, answerable to the Crown, but set apart from the rest of the citizens, responsible for superintending public worship and other religiOUS ceremonies and for administering spiritual counsel and instruction. In England, the several levels of the clergy are (1) archbishops and bishops, (2) deans and chapters, (3) archdeacons, (4) rural deans, (5) parsons (under whom are included appropriators) and vicars, and (6) curates. Churchwardens, sidesmen, parish clerks, and sextons are also considered types of ecclesiastical authorities because their duties are connected with the church. Cf. ecclesiastical court under COURT.

ecclesiastical commissioners English law. A group of people empowered to suggest measures to improve the established church's efficiency, to be ratified by orders in counciL This body of commissioners, established in 1836 by the Ecclesiastical Commissioners Act (St. 6 & 7 WilL 4, ch. 77), has been dissolved. Its functions, rights, and property are now vested in the church commissioners.

ecclesiastical controversy A civil claim based on the decision of a religious association's tribunal against one or more members of the association. If the decision relates solely to matters within the church, such as church governance or questions of faith, secular courts have no jurisdiction to hear what is effectively an appeal. See Watson v. Jones, 80 U.S. 679, 728-29 (1871).

ecclesiastical corporation (i-klee-zee-as-ta-kal). English law. A corporation that is organized for spiritual purposes or for the administration of property held for religious uses. - Also termed religious corporation. Cf.lay corporation. "Ecclesiastical corporations. Corporations created for the furtherance of religion .... They are of two kinds: (1) corporations sole, i.e., bishops, certain deans, parsons and vicars; and (2) corporations aggregate, i.e., deans and chapters, and formerly prior and convent, abbot and monks, and the like. Such corporations are called 'religious corporations,' or 'religious societies,' in the United States." 1 Stewart Rapalje & Robert L. Lawrence, A Dictionary of American and English Law 432 (1883).

ecclesiastical corporation- See CORPORATION.

ecclesiastical court (i-klee-zee-as-ti-kal). 1. A religious court that hears matters concerning a particular religion. 2. In England, a court having jurisdiction over matters concerning the Church of England (the established church) as well as the duties and rights of the people serving it, but whose modern jurisdiction is limited to matters of ecclesiastical discipline and church property. Also termed church court; court christian; spiritual court; (in Latin) christianitatis curia; curia christianitatis. 'The ecclesiastical courts exercised a jurisdiction which played a part of the development of the English legal system, and their work was not confined to controlling the clergy and doctrines of the Church. The jurisdiction of these courts was of particular significance before the Reformation, but, in certain matters and especially in matrimonial causes and the law of succession to property on death (testate and intestate succession), it remained of importance till the middle of the nineteenth century." 1 A.K.R. Kiralfy, Potter's Historica!lntroduction to English Law and Its Institutions 211 (4th ed. 1958).

ecclesiastical court- See COURT.

ecclesiastical jurisdiction Jurisdiction over ecclesiastical cases and controversies, such as that exercised by ecclesiastical courts.

ecclesiastical law 1. The body of law derived largely from canon and civil law and administered by the ecclesiastical courts. 2. The law governing the doctrine and discipline of a particular church; esp., Anglican canon law. Also termed jus ecclesiasticum; law spiritual. Cf. CANON LAW.

ecclesiastical matte A matter that concerns church doctrine, creed, or form of worship, or the adoption and enforcement, within a religious association, oflaws and regulations to govern the membership, including the power to exclude from such an association those deemed unworthy of membership.

ecclesiastical sentence The judgment in an ecclesiastical case.

ecclesiastical things Property (such as buildings and cemeteries) given to a church to support the poor or for any other pious use.

ecclesiastical-tithe rentcharge A rentcharge attached to a benefice or ecclesiastical corporation. Under the Tithe Act 1925, a landowner liable for an ecclesiastical-tithe rentcharge could redeem the land and discharge the tithe obligation by making an annual sinking-fund payment to Queen Anne s Bounty. The tithe was due for 81.5 years if the rentcharge was attached to a corporation or 85 years if the rentcharge was attached to a benefice. The law was repealed in 1998. See QUEEN ANNE S BOUNTY; BENEFICE.

ecclesiastical-tithe rentcharge See RENTCHARGE.

ecdicus (ek-da-kas), n. [Greek ekdikos "legal representative"]. The attorney, proctor, or advocate of an organization. A church's attorney, for example, was known as an episcoporum ecdicus.

e-check A paper check that is supplied by a consumer to a payee (usu. a merchant) who uses the check to make an electronic funds transfer . The payee electronically scans the check's magnetic-ink character-recognition coding to obtain the bank-routing, account, and serial numbers, then enters the amount of the check. This is usu., but not always, done at a point-of-sale terminal. Also termed electronic check. Cf. e-money under MONEY.

e-check- See CHECK.

echevin (esh-a-van), n. French law. A municipal officer corresponding with the position of alderman or burgess, and sometimes having civil jurisdiction to hear and determine certain minor cases.

echouement (ay-shoo-mawn), n. In French marine law, stranding. See STRANDING.

ecj abbr. European Court ofJustice.

ecoa abbr. EQUAL CREDIT OPPORTUNITY ACT.

ecological terrorism See ecoterrorism under TERRORISM.

ecology of crime See environmental criminology under CRIMINOLOGY.

e-commerce The practice of buying and selling goods and services through online consumer services on the Internet. The e, a shortened form of electronic, has become a popular prefix for other terms associated with electronic transactions. See ELECTRONIC TRANSACTION.

e-commerce directive See DIRECTIVE ON CERTAIN ASPECTS OF ELECTRONIC COMMERCE IN THE INTERNAL MARKET.

e-commerce insurance Insurance that covers a businesss computer-related damages and losses caused by computer hackers and Internet viruses. Covered damages usu. include physical destruction or harm to computer circuitry, loss of access, loss of use, loss of functionality, and business interruption.

e-commerce insurance See INSURANCE.

econometrics (ee-kon-a-me-triks). The branch of economics that expresses economic theory in mathematical terms and that seeks to verify theory through statistical methods.

economic coercion See COERCION (2).

economic crime A nonphysical crime committed to obtain a financial gain or a professional advantage. 'There are two major styles of economic crime. The first consists of crimes committed by businessmen as an adjunct to their regular business activities. Businessmen's responsibilities give them the opportunity, for example, to commit embezzlement, to violate regulations directed at their areas of business activity, or to evade the payment of taxes. This style of economic crime is often called whitecollar crime. The second style of economic crime is the provision of illegal goods and services or the provision of goods and services in an illegal manner. Illegal provision of goods and services requires coordinated economic activity similar to that of normal business, but all of those engaged in it are involved in crime. The madam operating abrothel has many concerns identical to the manager of a resort hotel, and the distributor of marijuana must worry about the efficacy of his distribution system just as does a distributor of any other product. This type of economic crime is often called organized crime because the necessity of economic coordination outside the law leads to the formation of criminal groups with elaborate organizational customs and practices." Edmund W. Kitch, "Economic Crime," in 2 Encyclopedia of Crime and justice 670,671 (Sanford H. Kadish ed., 1983).

economic crime- See CRIME.

economic depreciation A reduction in the value of an asset due to a shortening of the asset's economic life.

economic depreciation- See DEPRECIATION.

economic development administration A unit in the U.S. Department of Commerce responsible for helping to develop local economies and distressed areas by making grants for public works and development facilities that are designed to reduce persistent unemployment in economically distressed areas. The agency was created in 1965 by the Public Works and Economic Development Act. Abbr. EDA.

economic discrimination Any form of discrimination within the field of commerce, such as boycotting a particular product or price-fixing. See BOYCOTT; PRICE DISCRIMINATION; PRICE-FIXING.

economic duress An unlawful coercion to perform by threatening financial injury at a time when one cannot exercise free will. Also termed business compulsion. "Courts have shown a willingness to recognize the concept of 'economic duress.' For instance it has been held that a defence on these grounds may be available to the purchaser of a ship from a shipbuilder, if the latter extracts a promise of extra payment as a condition of delivery of the ship." P.S. Atiyah, An Introduction to the Law of Contract 230 (3d ed. 1981).

economic duress- See DURESS.

economic earnings See operating earnings under EARNINGS.

economic espionage act Trade secrets. A 1996 federal statute criminalizing the misappropriation of trade secrets and providing criminal penalties for industrial espionage by or for a foreign entity. The Act also applies to one who knowingly receives, purchases, or possesses stolen trade-secret information. 18 USCA §§ 1831-1839. Sometimes termed Industrial Espionage Act.

economic frustration See commercial frustration under FRUSTRATION.

economic goodwill See GOODWILL.

economic indicator A statistical measure (such as housing starts) used to describe the state of the economy or to predict its direction. See INDICATOR.

economic indicator- See ECONOMIC INDICATOR.

economic life The duration of an asset's profitability, usu. shorter than its physical life.

economic loss A monetary loss such as lost wages or lost profits. The term usu. refers to a type of damages recoverable in a lawsuit. For example, in a products-liability suit, economic loss includes the cost of repair or replacement of defective property, as well as commercial loss for the property's inadequate value and consequent loss of profits or use.

economic obsolescence Obsolescence that results from external economic factors, such as decreased demand or changed governmental regulations. Also termed external obsolescence. Cf. functional bsolescence.

economic obsolescence See OBSOLESCENCE.

economic rent See ECONOMIC RENT.

economic rent 1. The return gained from an economic resource (such as a worker or land) above the minimum cost of keeping the resource in service. 2. Rent that yields a fair return on capital and expenses.

economic research service An agency in the U.S. Department of Agriculture responsible for compiling and analyzing information about domestic and international agricultural developments. - Abbr. ERS.

economic right (usu. pl.) Copyright. A legal interest and power that concerns a financial benefit from a work, as distinguished from a moral interest that a creator has in a creation.The term is mostly used in civil-law countries that recognize creators' moral rights.

economic strike See STRIKE.

economic strike A strike resulting from an economic dispute with the employer (such as a wage dispute); a dispute for reasons other than unfair labor practices. An employer can permanently replace an economic striker but cannot prevent the worker from coming back to an unreplaced position simply because the worker was on strike.

economic substantive due proces The doctrine that certain social policies such as the freedom of ference by government regulation exist in the Due Process Clause of the 14th Amendment, Particularly in the words "liberty" and"property"

economic substantive due process See DUE PROCESS.