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rate of return The annual income from an investment, expressed as a percentage of the investment. See RETURN (5).

rate-base value See net book cost under COST (1).

ratepayer A person who pays local taxes; a person liable to pay rates. See RATE (4).

ratification 1. Adoption or enactment, esp. where the act is the last in a series of necessary steps or consents <The Ratification of the Conventions of nine States, shall be sufficient for the Establishment of this Constitution between the States so ratifying the Same>. In this sense, ratification runs the gamut of a formal approval of a constitutional amendment to rank-and-file approval ofa labor union collective-bargaining agreement with management. See ADOPTION (5). Cf. ANCTION (1). 2. Confirmation and acceptance of a previous act, thereby making the act valid from the moment it was done <the board of directors ratification of the president resolution>. This sense includes action taken by the legislature to make binding a treaty negotiated by the executive. 3. Contracts. A person binding adoption of an act already completed but either not done in a way that originally produced a legal obligation or done by a third party having at the time no authority to act as the person agent <an adult ratification of a contract signed during childhood is necessary to make the contract enforceable>. "Ratification may take place by express words indicating an intention to confirm the contract. These words may conSist of a new express promise, or such words as I do ratify and confirm. A mere acknowledgment that the contract was in fact made and that it has not been performed is not sufficient as a ratification. it is sometimes said that a ratification is ineffective unless made with knowledge of the possession of a legal power to disaffirm, but the cases holding the contrary seem to have the better reason." William R. Anson, Principles of the Law ofContract 179-80 (Arthur L. Corbin ed., 3d Am. ed. 1919). 4. The final establishment of consent by the parties to a treaty to be bound by it, usu. including the exchange or deposit of instruments of ratification <the ratification of the nuclear-weapons treaty>.

ratihabitio (rat-a-ha-bish-ee-oh), n. [Latin ff. ratum habere "to hold ratified"] Civil law. Ratification or approval, esp. by a principal of an agent transaction. PI. ratihabitiones.

rating 1. Marine insurance. The determination of a vessel state or condition as a factor of insurability. 2. INSURANCE RATING.

ratio See RATIO DECIDENDI.

ratio decidendi (ray-shee-oh des-a-den-di), n. [Latin "the reason for deciding"] 1. The principle or rule of law on which a court decision is founded <many poorly written judicial opinions do not contain a dearly ascertainable ratio decidendi>. 2. The rule of law on which a later court thinks that a previous court founded its decision; a general rule without which a case must have been decided otherwise <this opinion recognizes the Supreme Court s ratio decidendi in the school desegregation cases>. Often shortened to ratio. PI. rationes decidendi (ray-shee-oh-neez des-a-den-di). Cf. OBITER DICTUM; HOLDING (1). The phrase the mtio decidendi of a case is slightly ambiguous. It may mean either (1) the rule that the judge who decided the case intended to lay down and apply to the facts, or (2) the rule that a later court concedes him to have had the power to lay down." Glanville Williams, Learning the Law 75 (11th ed. 1982). There are ... two steps involved in the ascertainment of the ratio decidendi . ... First, it is necessary to determine all the facts of the case as seen by the judge; secondly, it is necessary to discover which of those facts were treated as material by the judge." Rupert Cross & j.W. Harris, Precedent in English Law 65-66 (4th ed. 1991).

ratio legis (ray-shee-oh lee-jas), n. [Latin] The reason or purpose for making a law <the Senator argued that the rapid spread of violent crime was a compelling ratio legis for the gun-control statute>. Also termed ratio juris.

ratio pertinens A pertinent reason (for a question).

ratio scientiae (ray-shee-oh si-en-shee-ee). [Law Latin]. The ground ofknowledge; esp., the basis for a wit¬ness s testimony.

ratio scripta (ray-shee-oh skrip-ta). [Latin] Roman law. Written reason.

ratiocination (rash-ee-os-a-nay-shan), The process or an act of reasoning. - ratiocinative (rash-ee-os-a-nay-tiv), adj. - ratiocinate (rash-ee-os-a-nayt), vb.

rationabiIe estoverium (rash-[ee]-a-nay-ba~-lee es-ta¬veer-ee-am), n. [Law Latin "reasonable necessaries"]. Alimony.

rationabili parte bonorum See DE RATIONABILI PARTE BONORUM.

rationabilibus divisis See DE RATIONABIUBUS DIVISIS.

rational doubt See REASONABLE DOUBT.

rational interpretation See logical interpretation.

rational interpretation See logical interpretation under INTERPRETATION.

rational-basis test Constitutional law. The criterion for judicial analysis of a statute that does not implicate a fundamental right or a suspect or quasisuspect classification under the Due Process or Equal Protection Clause, whereby the court will uphold a law if it bears a reasonable relationship to the attainment ofa legitimate governmental objective. Rational basis is the most deferential of the standards of review that courts use in due-process and equal-protection analysis. Also termed rational-purpose test; ratlonal-relationship test; minimum scrutiny; minimal scrutiny. Cf. STRICT SCRUTINY; INTERMEDIATE SCRUTINY.

rational-choice theory The theory that behavioral choices, induding the choice to engage in criminal activity, are based on purposeful decisions that the potential benefits outweigh the risks. Cf. CONTROL THEOIc ROUTINE-ACTIVITIES THEORY; STRAIN THEORY.

rational-purpose test See RATIONAL-BASIS TEST.

rational-relationship test See RATIONAL-BASIS TEST.

ratione (ray-shee-oh-nee or rash-ee-oh-nee). [Latin] By reason; on account.

ratione bonorum (ba-nor-am). By reason of property.

ratione causae (kaw-zee). By reason of the nature of the case.

ratione contractus (kan-trak-tas). By reason of the contract. By entering into a contract, the contracting parties may render themselves amenable to the jurisdiction of ajudge to whose jurisdiction they would not have been amenable had the contract not been entered into. Thus, a foreigner, for the time being domiciled in Scotland, entering into a contract there with a Scotchman ... renders himself amenable to the jurisdiction of the Scotch courts in any question arising out of the contract, for the parties ... are presumed to have had the law and the courts of Scotland in view as the forum. and ajurisdiction thus founded is said to arise ratione contractus." John Trayner. Trayner Latin Maxims 540 (4th ed. 1894).

ratione delicti (di-lik-ti). On account of the delict.

ratione domicilii (dom-a-sil-ee-i). By reason of domicile; on account of residence.• The phrase appeared in reference to the foundation of jurisdiction in many civil cases.

ratione habita (hab-i-ta). Regard being had (of particular factors or circumstances).

ratione impotentiae (im-pa-ten-shee-ee). By reason of inability. This was the basis for a property right in young wild animals that were unable to run or fly. See FERAE NATURAE.

ratione incidentiae (in-si-den-shee-ee). By reason of the incident.

ratione loci (loh-si). By reason of place. This was the basis for a property right in rabbits and hares.

ratione materiae (ma-teer-ee-ee). By reason of the matter involved.

ratione originis (a-rij-a-nis). By reason of one s origin.

ratione personae (par-soh-nee). By reason of the person concerned.

ratione privilegii (priv-a-Iee-jee-i). By reason of privlege. This was the basis for a property right in animals of warren. See WARREN.

ratione rei sitae (ree-i si-tee). By reason of the situation of a thing.

ratione soli (soh-li). By reason of the soil. This was the basis for a property right in bees.

ratione subjectae materiae (sab-jek-tee ma-teer-ee-ee). On account of the subject matter.

ratione suspecti judicis (sa-spek-ti joo-di-sis). On account of the judge being suspected. This referred to a judge s recusal in a case.

ratione temporis (tem-por-is), adv. By reason of time or the times. See RATIONE.

ratione tenurae (ten-ya-ree). By reason of tenure.

rationes (ray-shee-oh-neez or rash-ee-oh-neez), n. [Latin "reasons"]. The pleadings in a suit.

rattening (rat-ning). The practice of taking away tools, destroying machinery, and the like in an attempt either to compel a worker to join a union or to enforce a company compliance with union rules. Rattening was formerly a common labor-union tactic in England, and it was a criminal offense.

ravishment 1. Forcible seizure and carrying off of another person (esp. a woman); abduction. 2. RAPE (1). In this sense the term is Widely considered inappropriate for modern usage. given its romantic C011110-tations (in other contexts) of ecstasy and delight. In the Restatement (First) of Torts § 65a, the word was defined as including not just rape but any carnal intercourse of a criminal nature. See RAPUIT. ravish, vb.

RBS abbr. RURAL BUSINESS-COOPERATIVE SERVICE.

RCE abbr. REQUEST FOR CONTINUED EXAMINATION.

rDNA abbr. RECOMBINANT DNA TECHNOLOGY.

re (ree or ray), prep. Regarding; in the matter of. In the title of a case, it usu. signifies a legal proceeding regarding the disposition of real or personal property or a change in legal status. In American caselaw, the abbreviation commonly used is in re <In re Estate of Kirk>. In business correspondence, the term signals the subject matter <re: Board Meeting>. See IN RE.

re infecta (ree in-fek-ta). [Latin]. The thing not having been done; the performance having failed.

re, verbis, literis, consensu (ree, var-bis, lit-ar-is, kan¬sen-s[y]oo). [Latin] Roman law. By the performance (namely, handing over), by words, by writing, by consent. The phrase appeared in reference to the four classes of Roman contract.

re.fa.lo abbr. RECORDARI FACIAS LOQUELAM.

REA abbr. RURAL ELECTRIFICATION ADMINISTRATION.

rea (ree-a), n. [Latin) In civil and canon law, a defendant. Pi. reae.

reacquired stock See treasury stock.

reacquired stock See treasury stock under STOCK.

read into vb. See READ ON.

read law 1. To prepare for a legal career by working in a lawyer s office as a clerk while studying legal texts on one s own time. Most American lawyers in the 18th and 19th centuries obtained their legal educations solely by reading law. Today. few American states allow applicants to take the bar exam without attending law school. 2. To study law at a law school.

read on 1. (Of a patent claim) to contain all the same features of (a prior-art reference). If the patent claim reads on the prior art, the claim has been anticipated and the patent will be denied. See ANTICIPATED. 2. (Ofa patent claim) to describe an infringing product or process. If all the patent claims read on the other product, that product infringes the patent.

reading The recitation aloud of a bill or other main motion, sometimes by title only, usu. in a series of three such recitations necessary before a legislative body can pass a bill. See reading clerk under CLERK (7).

reading clerk See CLERK (7).

reading clerk A legislative officer charged with reading bills to the body.

readjustment Voluntary reorganization of a financially troubled corporation by the shareholders themselves, without a trustee or a receiver intervention. - readjust, vb.

ready, willing, and able (Of a prospective buyer) legally and finanCially capable of consummating a purchase. READY, WILLING, AND ABLE A phrase referring to a prospective buyer of property who is legally capable and financially able to consummate the deal. Traditionally, the broker earns a commission upon procuring a ready, willing, and able buyer on the listing terms, regardless of whether the seller actually goes through with the sale. The ready and willing means, generally, that the broker must in fact produce a buyer who indicates that he or she is prepared to accept the terms of the seller and is willing to enter into a contract for sale. The buyer is not ready and willing when he or she enters into an option with the seller, but the buyer is ready and willing when the option is exercised. The buyer is not ready and willing when the offer is subject to any new conditions, such as making the closing date an nreasonably long period, for example, one year from the offer.... The able requires that the buyer be financially able to comply with the terms of the sale in both initial cash payment and any necessary financing. The broker is not required to show that the purchaser has actual cash or assets to pay off the ortgage. But the broker is required to reveal the identity of the buyer if requested by the seller." John W. Reilly, The Language of Real Estate 326 (4th ed. 1993).

reaffirmation 1. Approval of something previously decided or agreed to; renewal <the Supreme Court reaffirmation of this principle is long overdue>. 2. Bankruptcy. An agreement between the debtor and a creditor by which the debtor promises to repay a prepetit ion debt that would otherwise be discharged at the conclusion of the bankruptcy <the debtor negotiated a reaffirmation so that he could keep the collateral>. There are two main requirements for a reaffirmation to be enforceable: (I) the agreement must contain a clear and conspicuous provision stating that the debtor may rescind the reaffirmation agreement anytime before discharge or within 60 days after the agreement is filed with the court; and (2) for a debtor who is not represented by counsel, the court must determine that the reaffirmation is in the debtor best interest and does not impose an undue hardship. 11 USCA § 524(c). Also termed (in sense 2) reaffirmation agreement. reaffirm, vb.

reaffirmation hearing See REAFFIRMATION HEARING.

reaffirmation hearing A hearing at which the debtor and a creditor present a reaffirmation of a dischargeable debt for the court s approval. The reaffirmation hearing is usu. held simultaneously with the discharge hearing. See DISCHARGE HEARING.

reaI-estate-mortgage investment conduit An entity that holds a fixed pool of mortgages or mortgage-backed securities (such as collateralized mortgage obligations), issues interests in itself to investors, and receives favorable tax treatment by passing its income through to those investors. Real-estate-mortgage investment conduits were created bv the Tax Reform Act of 1986. They can be organized corporations, partnerships, or trusts. To qualify for tax-exempt status, the entity must meet two requirements: (1) almost all the entity assets must be real-estate mortgages (though a few other cash-flow-maintaining assets are allowed); and (2) all interests in the entity must be classified as either regular interests (which entitle the holder to principal and interest income through debt or equity) or residual interests (which provide contingent income). - Abbr. REMIC.

real 1. Of or relating to things (such as lands and buildings) that are fixed or immovable <real property> <a real action>. 2. Civil law. Of relating to, or attached to a thing (whether movable or immovable) rather than a person <a real right>. 3. Actual; genuine; true <real authority>. 4. (Of money, income, etc.) measured in terms of purchasing power rather than nominal value; adjusted for inflation <real wages>.

real account See ACCOUNT.

real account An account that records assets and liabilities rather than receipts and payments.

real action 1. An action brought for the recovery of land or other real property; specif., an action to recover the possession of a freehold estate in real property, or seisin. 2. Civil law. An action based on, and tending to protect, a real right, namely, the right of ownership and its dismemberments . It is distinguishable from a personal action, which is based on (and tends to protect) a personal right. 3. Louisiana law. An action brought for the protection of possession, ownership, or other real rights in immovable property. La. Code Civ. Proc. arts. 3651 Also termed action in rem; actio in rem; actio realis. See SEISIN. "If the question be asked why it was that a large part of the really English law which Bracton undertook to expound is found in connection with the subject of real actions, while in Blackstone's treatise only the personal actions are deemed worthy of attention, the answer must be that the former were dying out. When Chitty wrote (1808) the old real actions were practically obsolete, and in the succeeding generation such vestiges of them as remained were abolished by statute." Hannis Taylor, The Science of Juris prudence 574 (l 908). "The principal real actions formerly in use were (1) the writs of right; (2) the writs of entry; (3) the possessory assizes, such as novel disseisin and mort d'ancestor. Real actions are those in which the demandant seeks to recover seisin from one called a tenant. because he holds the land. They are real actions at common law because the judgment is in rem and awards the seisin or possession." Benjamin J. Shipman, Handbook of Common·Law Pleading § 32, at 63 (Henry Winthrop Ballantine ed., 3d ed. 1923).

real action See ACTION (4).

real asset See ASSET.

real asset 1. An asset in the form ofland. 2. Loosely, any tangible asset. Also termed hard asset.

real authority See actual authority.

real authority See actual authority under AUTHORITY (1).

real burden See BURDEN (4).

real chattel See chattel real under CHATTEL.

real chattel See chattel real.

real contract A contract in which money or other property passes from one party to another; a contract requiring something more than mere consent, such as the lending of money or handing over of a thing. This term, derived from Roman law, referred to contracts concerning both personal and real property. Real contracts included transactions in the form of commodatum, depositum, mutuum, and pignus. Cf. consensual contract. "The essence of ... the real contracts, was that, at the time the agreement was made, one party, by delivering some· thing belonging to him to the other party to the contract, imposed on that other an obligation to return the thing itself or, in the case of things intended to be consumed, an equivalent in kind. As the Roman lawyers expressed it, the contractual obligation was created by something being handed over ...." R.W. Leage, Roman Private Law292 (C.H. Ziegler ed., 2d ed. 1930). "The term 'real contract' is in common use in the Civil law, and though not commonly used by judges or writers in the common law, nevertheless describes certain obligations enforced in England from very early times. A real contract is an obligation arising from the possession or transfer of a res." Samuel Williston, A Treatise on the Law of Contracts § 8. at 19 (Walter H.E.Jaeger ed., 3d ed. 1957).

real contract See CONTRACT.

real covenant See covenant running with the land.

real covenant See covenant running with the land under COVEANT (4).

real damages See actual damages under DAMAGES.

real damages See actual damages.

real defense A type of defense that is good against any possible claimant, so that the maker or drawer of a negotiable instrument can raise it even against a holder in due course. The ten real defenses are (1) fraud in the factum, (2) forgery of a necessary signature, (3) adjudicated insanity that, under state law, renders the contract void from its inception, (4) material alteration of the instrument, (5) infancy, which renders the contract voidable under state law, (6) illegality that renders the underlying contract void, (7) duress, (8) discharge in bankruptcy, or any discharge known to the holder in due course, (9) a suretyship defense (for example, if the holder knew that one indorser was signing as a surety or accom- I overseeing the Department's day-to-day finance and modation party), and (10) a statute of limitations (generally three years after dishonor or acceptance on a draft and six years after demand or other due date on a note). - Also termed absolute defense; universal defense. 5. Measures taken by a country or individual to protect against an attack. See SELF-DEFENSE; NATIONAL DEFENSE (1).

real defense See DEFENSE (4).

real earnings Earnings that are adjusted for inflation so that they reflect actual purchasing power.

real earnings See EARNINGS.

real estate See real property under PROPERTY.

real estate See real property under PROPERTY.

real estate owned Property acquired by a lender, usu. through foreclosure, in satisfaction of a debt. - Abbr. REO.

Real Estate Settlement Procedures Act A federal law that requires lenders to proVide home buyers with information about known or estimated settlement costs. 12 USCA §§ 2601-2617. - Abbr. RESPA. See REGULATION.

real evidence See EVIDENCE.

real evidence 1. Physical evidence (such as clothing or a knife wound) that itself plays a direct part in the incident in question. Also termed physical evidence. 2. See demonstrative evidence. "Anything which is believed for any other reason than that someone has said so, is believed on real evidence." John Salmond, jurisprudence 480 (Glanville L. Williams ed., 10th ed. 1947).

real income Income adjusted to allow for inflation or deflation so that it reflects true purchasing power.

real income See INCOME.

real law The law of real property; real-estate law.