Accord - Law Dictionary Search Results
Home Dictionary Name: accord Page: 2satisfaction
satisfaction 1 a : the act or fact of satisfying b : execution of an accord by performance of the substituted obligation often used in the phrase accord and satisfaction compare accord, transaction c : a document indicating that an obligation has been satisfied [a of mortgage] 2 : the quality or state of being satisfied ...
Share and debenture
Share and debenture, 'Share' has been defined in s. 2(46) of the Companies Act to mean a share in the share capital of a company which in turn would mean that it would represent contribution of the shareholder towards the share capital of the company. On the other hand, a debenture is an instrument of debt executed by the company acknowledging its receipt to repay the same at a specified rate and also carrying an interest. It is in sum and substance a certificate of loan or a bond evidencing the fact that the company is liable to pay a specified amount with interest and although the money raised by the debentures becomes a part of the company's capital structure yet it does not become a share capital. In any event, a debenture would not come within the purview of the definition of goods, inasmuch as, although the shares and stocks are included in the definition of goods but debentures are not, R.D. Goyal v. Reliance Industries Ltd., (2003) 1 SCC 81 (89).Sponte virum fugiens mulier et a...
Marriage
Marriage. Marriage as understood in Christendom is the voluntary union for life of one man and one woman, to the exclusion of all others, Hyde v. Hyde, 1866 LR 1 P&D 130. Where a marriage in a foreign country complies with these requirements it is immaterial that under the local law dissolution can be obtained by mutual consent or at the will of either party with merely formal conditions of official registration, and it constitutes a valid marriage according to English law, Nachimson v. Nachimson, 1930, P. 217. Previous to 1753 the validity of marriage was regulated by ecclesiastical law, not touched by any statutory nullity but modified by the Common law Courts, which sometimes interfered with the Ecclesiastical Courts, by prohibition, sometimes themselves decide on the validity of a marriage, presuming a marriage in fact as opposed to lawful marriage. A religious ceremony by an ordained clergyman was essential to a lawful marriage, at all events for dower and heirship; but if in an i...
Year of allotment
Year of allotment, the year of allotment of an Officer appointed to the service after the commencement of these rules shall be: (b) Where the officer is appointed to the service by promotion in accordance with sub-rule (1) of Rule 8 of the Recruitment Rules, the year of allotment of the junior most among the officers recruited to the service in accordance with Rule 7 of these rules, who officiated continuously in a Senior Post from a date earlier than the date of commencement of such officiation by the former. Provided that the year of allotment of an officer appointed to the service in accordance with sub-rule (1), Rule 8 of the recruitment rules who started officiating continuously in a senior post from a date earlier than the date on which any of the Officers recruited to the service in accordance with Rule 7 of these rules, so started officiating, shall be determined ad hoc by the Central Government in consultation with the State Government concerned. Provided further that an offic...
Sale price
Sale price, 'Sale Price' means the amount payable to a dealer as consideration for the sale of any goods, less any sum allowed as cash discount according to the practice normally prevailing in the trade, but inclusive of any sum charged for anything done by the dealer in respect of the goods at the time of or before the delivery thereof other than the cost of freight or delivery of the cost of installation in case where such cost is separately charged and the expression 'purchase price' shall be construed accordingly, Shree Gopal Industries Ltd. v. State of Rajasthan, AIR 1971 SC 2054: (1971) 2 SCC 532.(ii) Under s. 4 of the Madhya Pradesh General Sales Tax Act, 1958 the liability to pay tax is that of the dealer. The purchaser has no liability to pay tax. There is no provision in the Act from which it can be gathered that the Act imposes any liability on the purchaser to pay the tax imposed on the dealer. If the dealer passes on his tax burden to his purchasers he can only do it by au...
Discretion
Discretion, the word 'discretion' connotes necessarily an act of a judicial character, as used with reference to discretion exercised judicially, it implies the absence of a hard and fast rule, and it require an actual exercise of judgment and a consideration of the facts and circumstances with are necessary to make a sound, fair and just determination and a knowledge of the facts upon which discretion may properly operate. When it is said that something it to be done according to the rules of reason and justice and not according to the rules of reason and justice and not according to private opinion; according to law and not honour. It only gives certain latitude liberty accorded by statute or rules, to a judge as distinguished from a ministerial or administrative official, in adjudicating on matters brought before him, Aero Traders Pvt. Ltd. v. Ravinder Kumar Suri, AIR 2005 SC 15.--The word 'discretion' connotes necessarily an act of a judicial character, and, as used with reference ...
Manufacture
Manufacture, implies a change but every change is not manufacture. But something more is necessary and there must be transformation, a new and different article must emerge having a distinctive name, character or use, Hindustan Poles Corporation v. Commissioner of Central Excise, (2006) 4 SCC 85: (2006) 4 JT 185: (2006) 3 SCALE 601: (2006) 4 SLT 445: (2006) 3 SCJ 645: (2006) 6 SCJ D 230: (2006) 145 STC 625: (2006) 196 ELT 400.Manufacture, implies a change, but every change is not manufacture and yet every change of an article is the result of treatment, labour and manipulation. But something more is necessary and there must be transformation; a new and different article must emerge having a distinctive name, character or use, Union of India v. Delhi Cloth and General Mills, AIR 1963 SC 791.Implies a change, but every change is not manufacture and yet every change of an article is the result of treatment, labour and manipulation. But something more is necessary and there must be transfo...
Infest
Infest, according to Webster's New World Diction-ary 'infest' means 'to overrun or inhabit in large numbers, usually so as to be harmful or bother-some, swarm in or about'. According to that dictionary an 'insect' means 'any of a large group of small invertebrate animals characterised, in the adult state, by division of the body into head, thorax, and abdomen, three pairs of membranous wings: beetles, bees, flies, wasps, mosquitoes, etc. are insects'. According to the Shorter Oxford English Dictionary, 'worm' means 'a slender, creeping, naked, limbless animal usually brown or reddish with a soft body divided into a series of segments; an earthworm'. According to that dictionary an 'insect' means 'a small invertebrate animal, usually having a body divided into segments, and several pairs of legs, and often winged'. According to Webster's Illustrated Contemporary Dictionary (Encyclopedic Edition), 'infest' means 'to overrun or spread in large numbers so as to be unpleasant or unsafe', St...
Equity of redemption
Equity of redemption. Before 1926 the equitable estate or interest left in a person after he had mortgaged his property. Now the right to call for a reconveyance of a legal estate or of an equitable interest in property from the mortgagee on payment of principal, interest and costs. A mort-gagee, although he has become absolute owner of a legal estate in the mortgaged property, on account of the breach of the condition for repayment of the loan within the strict time, is nevertheless compelled to reconvey the legal estate to the mortgagor, who applies to redeem it, on payment of the principal, interest, and costs, Equity treating the breach of the condition as a penalty, and the retention for the mortgagee's own benefit of that which was intended simply as a pledge, as contrary to substantial justice.The right or equity of redemption is an essential attribute of a mortgage; it is inherent in the thing itself, and any provision inserted in the mortgage to defeat the right is void as a '...
Deed
Deed [fr. d'd, Sax.; ded gaded, Goth.;daed, Dut.], a formal document on paper or parchment duly signed, sealed, and delivered. It is either an indenture (factum inter partes) needing an actual indentation [(English) Real Property Act, 1845 (8 & 9 Vict. c. 106), s. 5], reproduced by the Law of Property Act, 1925, s. 56 (2), made between two or more persons in different interests, or a deed-poll (charta de una parte) made by a single person or by two or more persons having similar interests. By the (English) Law of Property Act, 1925, s. 57, a deed may be described according to the nature of the transaction, e.g., 'this lease,' 'this mortgage,' etc., or as a 'deed' and not habitually by the word 'indenture.'The requisites of a deed are these:-(1) Sufficient parties and a proper subject of assurance.(2) It must be written, engrossed, printed, or lithographed, or partly written or engrossed, and partly printed or lithographed in any character or in any language, on paper, vellum, or parchm...
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