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fraudulent transfer

In a bankruptcy case, a transfer of property to another for less than the property's value for the purpose of hiding the property from the bankruptcy trustee -- for instance, when a debtor signs a car over to a relative to keep it out of the bankruptcy estate. Fraudulently transferred property can be recovered and sold by the trustee for the benefit of the creditors.





freeze-out

Majority shareholders in a company using their power to deprive one or more minority shareholders of their role in governing the company. This is done to force the minority shareholders to sell their stock at a reduced price and exit the company.





friendly suit

A lawsuit brought by two parties, not as adversaries, but as collaborators in order to resolve a legal question that affects them both. For example, two companies might bring a friendly suit to court in order to clarify a legal interpretation of a contract between them.





friendly witness

A witness whom you have called to testify, and whom you may not cross-examine. If the witness testifies in a way that hurts your case, you can ask the judge to declare him a "hostile witness", which means that you can begin to cross-examine him with leading questions.





frolic

An employee detour that is so far removed from the purposes of employment that the employer will not be liable for any injury he causes while on the trip. For example, the U.S. Postal Service would not have been responsible for any injuries caused by Seinfeld's Newman and Kramer when they used a U.S. Postal Service truck to cart bottles to Michigan for recycling.





FSBO

See for sale by owner.





FTC

See Federal Trade Commission.





funding a trust

Transferring ownership of property to a trust.





future interest

A right to property that cannot be enforced in the present, but only at some time in the future. For example, John's will leaves his house to his sister Marian, but only after the death of his wife, Hillary. Marian has a future interest in the house.







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