Financial Definition of Competence

Meaning of Competence

Sufficient ability or fitness for ones needs. Possessing the necessary abilities to be qualified to achieve a certain goal or complete a project.

Synonyms of Competence

(Ability), noun

  • adequacy
  • adroitness
  • aptitude
  • capability
  • capacity
  • conversance
  • dexterity
  • effectiveness
  • effectuality
  • efficacy
  • eligibility
  • enablement
  • endowment
  • equipment
  • experience
  • facility
  • faculty
  • fitness
  • flair
  • forte
  • gift
  • grasp
  • intelligence
  • legal competence
  • legal fitness
  • mastery
  • potency
  • proficiency
  • qualifications
  • responsibility
  • skill
  • skillfulness
  • sufficiency
  • suitability
  • talent
  • training
  • Associated Concepts: competency of a witness
  • competent and intelligent waiver of counsel
  • competent authority
  • competent jurisdiction
  • legally competentforeign phrases: Homo potest esse habiliset inhabilisdiversis temporibus
  • A man may be capable and incapable at different times
  • Nemopraesens nisiintelligat
  • One is not present unless he understands
  • Nullus idoneus testis in re sua intelligitur
  • No person is deemed to be a competent witness in his own behalf
  • Pupillus pati posse non intelligitur
  • An infant is not considered able to do an act to his own prejudice
  • Solaacpersesenectus donationem testamentum aut transactionem non vitiat
  • Old age alone and of itself will not vitiate a will or gift

(Sanity), noun

  • capability
  • clearmindedness
  • coherence
  • healthy mindedness
  • lucidity
  • mental balance
  • mental capacity
  • mental equilibrium
  • mental health
  • normalcy
  • normality
  • normalness
  • rationality
  • reason
  • reasonability
  • sanemindedness
  • saneness
  • sense
  • senses
  • sound mind
  • soundmindedness
  • soundness
  • soundness of mind
  • Associated Concepts: age of maturity
  • competency of a witness
  • competent and intelligent waiver of counsel
  • age of maturity
  • infancy
  • legally competent
  • mental competence
  • non compos mentis foreign phrases: Furiosi nulla voluntas est
  • A madman has no will

Definition of Competence in the Free Online Notary Dictionary

The Ability To Understand. A Notary Should Be Comfortable That All Parties Understand What They Are Signing Or Affirming.

Find similar definitions of the Competence concept in the Notary Dictionary, to be used to allow for comparison of legal terms meanings.

Related Entries of Competence in the Encyclopedia of Law Project

Browse or run a search for Competence in the American Encyclopedia of Law, the Asian Encyclopedia of Law, the European Encyclopedia of Law, the UK Encyclopedia of Law or the Latin American and Spanish Encyclopedia of Law.

Competence in Historical Law

You might be interested in the historical meaning of this term. Browse or search for Competence in Historical Law in the Encyclopedia of Law.

Legal Abbreviations and Acronyms

Search for legal acronyms and/or abbreviations containing Competence in the Legal Abbreviations and Acronyms Dictionary.


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Related topics Competence in the World Encyclopedia of Law

What is Competence?

Vocabularies (Semantic Web Information)


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Competence in Law Enforcement

Main Entry: Law Enforcement in the Legal Dictionary. This section provides, in the context of Law Enforcement, a partial definition of competence.


See Also

  • Law Enforcement Officer
  • Policeman
  • Law Enforcement Agency

Further Reading

English Legal System: Competence

In the context of the English law, A Dictionary of Law provides the following legal concept of Competence :

(of witnesses)

The legal capacity of a person to be a *witness. Since the abolition in the 19th century of certain ancient grounds of incompetence, every person of sound mind and sufficient understanding has been competent, subject to certain exceptions. For example, a child may be sworn as a witness only if he understands the solemnity of the occasion and that the taking of an oath involves an obligation to tell the truth over and above the ordinary duty of doing so. However, under the Youth Justice and Criminal Evidence Act 1999, a child below the age of 14 years may only give *unsworn evidence. Since the Police and Criminal Evidence Act 1984 and the subsequent 1999 amendments, the spouse of an accused is generally a competent witness f
or the prosecution (subject to some exceptions) and compellable for the accused (subject to some exceptions).

Legal Usage of Competence(s) in English

An European Commission document offers the following explanation about the misused of Competence(s):’Competence’ in its meaning of ‘the legal authority of a court or other body to deal with a particular matter’ is uncountable (see introduction) in English and therefore does not usually take a plural. We normally speak of the ‘powers’ of bodies or institutions rather than their ‘competences’.


‘This Directive fully respects the competences of Member States, particularly on employment, labour and social matters45.’


powers, jurisdiction.


Further Reading

  • David Mellinkoff, “Mellinkoff’s Dictionary of American Legal Usage”, West Publishing Company, 1992
  • Bryan A. Garner, “A Dictionary of Modern Legal Usage”, West Publishing Company, 1995

Competence in Global Commerce Policy

In this regard, a definition of this issue is as follows: the constitutional empowerment given to governments to enact laws and enter into binding international commitments. The entries on trade policy are here. In federated states, there is usually a division of power between the central government and the states or provinces, but in all cases the central government has control over foreign affairs and defence matters, including international economic relations. The European Community is a particularly interesting example of a division of power. The European Commission has exclusive external competence in any field where internal common rules have been established. This, for example, applies to the common commercial policy. The entries on trade policy are here. In the case of services and intellectual property rights the competence of the Commission may be more circumscribed. The broad trend, however, since the establishment of the Community has been for the Commission ™s competence to expand. See also subsidiarity.[1]

Competencein the wold Encyclopedia

For an introductory overview on international trade policy, see this entry.


Notes and References

  1. Dictionary of Trade Policy, “Competence” entry (OAS)

See Also


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