Actual Cost - Law Dictionary Search Results
Home Dictionary Name: actual cost Page: 2loss
loss 1 : physical, emotional, or esp. economic harm or damage sustained: as a : decrease in value, capital, or amount compare gain b : an amount by which the cost of something (as goods or services) exceeds the selling price compare profit c : something unintentionally destroyed or placed beyond recovery d : the amount of an insured's financial detriment due to the occurrence of a stipulated event (as death, injury, destruction, or damage) in such a manner as to create liability in the insurer under the terms of the policy NOTE: As a general rule, economic losses are deductible from adjusted gross income under section 165 of the Internal Revenue Code. There are, however, numerous exceptions and limitations. actual loss : the identifiable and calculable monetary detriment that is suffered or will be suffered as a result of an act or event actual total loss : a loss in marine insurance in which the property (as a vessel or cargo) cannot be repaired or recovered compare constru...
Constructive total loss
Constructive total loss, a term used in the law of marine insurance to denote a loss which entitles the assured to claim the whole amount of his insurance, on giving to the assurers notice of abandonment. Generally there is a constructive total loss when the subject-matter assured has not actually perished or lost its form or species, but has, by one of the perils insured against, been reduced to such a state or placed in such a position as to make its total destruction, though not inevitable, yet highly imminent, or its ultimate arrival under the terms of the policy, though not utterly hopeless, yet exceedingly doubtful. In such a case the assured, by giving notice within a reasonable time to the assurers of abandonment, i.e., the relinquishment of all his right to whatever may be saved, is entitled to recover against them as for a total loss.If notice is not given, the loss is treated as a partial loss unless the ship in fact has become a total loss or if there would be no possibilit...
bond
bond 1 a : a usually formal written agreement by which a person undertakes to perform a certain act (as appear in court or fulfill the obligations of a contract) or abstain from performing an act (as committing a crime) with the condition that failure to perform or abstain will obligate the person or often a surety to pay a sum of money or will result in the forfeiture of money put up by the person or surety ;also : the money put up NOTE: The purpose of a bond is to provide an incentive for the fulfillment of an obligation. It also provides reassurance that the obligation will be fulfilled and that compensation is available if it is not fulfilled. In most cases a surety is involved, and the bond makes the surety responsible for the consequences of the obligated person's behavior. Some bonds, such as fidelity bonds, function as insurance agreements, in which the surety promises to pay for financial loss caused by the bad behavior of an obligated person or by some contingency over w...
Notice
Notice, the making something known to a person of which he was or might be ignorant. Notice is either (1) statutory; (2) actual, which brings the knowledge of a fact directly home to the party; or (3) constructive or implied, which is no more than evidence of facts which raise such a strong presumption of notice that equity will not allow the presumption to be rebutted. [S. 154, I.P.C. and Art. 61(2)(a) const. 56 Indian Evidence Act]Constructive notice may be subdivided into: (a) where the facts of which actual evidence is supplied give rise to a further enquiry which a man exercising ordinary caution would make equity has added constructive notice of the facts, which that inquiry would have elicited; and (b) where there has been a designed abstinence from inquiry for the very purpose of avoiding notice. See CONSTRUCTIVE NOTICE.A purchaser with notice may protect himself by purchasing the title of another bona fide purchaser for a valuable consideration without notice; for, otherwise, ...
Arbitration
Arbitration, the determination of a matter in dispute by the judgment of one or more persons, called arbitrators, who in case of difference usually call in an 'umpire' to decide between them.Means a method of dispute resolution involving one or more neutral third parties who are usually agreed to by the disputing parties and whose decision is binding, Black Law Dictionary 7th Edn., p. 100.Means any arbitration whether or not administered by permanent arbitral institution. [The Arbitration and Conciliation Act, 1996, s. 2(a)]An arbitrator is a disinterested person, to whose judgment and decision matters in dispute are referred, Termes de la Ley.The civilians make a difference between arbiter and arbitrator, though both found their power in the compromise of the parties; the former being obliged to judge according to the customs of the law: whereas the latter is at liberty to use his own discretion, and accommodate the difference in that manner which appears most just and equitable.An ar...
Consideration
Consideration. Any act of the promisee (the person claiming the benefit of an obligation) from which the promisor (the person burdened with the obligation) or a stranger derives a benefit or advantage, or any labour detriment or inconvenience sustained or suffered by the promisee at the request, express or implied, of the promisor. See Laythoarp v. Bryant, 3 Scott 250; 2 Wms. Saund 137 h; Currie v. Misa, (1875) LR 10 Exch 153.Consideration is one of the facts which the courts require as evidence of intention, (a) that a person intends his promise to be binding on him, or (b) that he intends to divest himself of a beneficial interest in property. In its widest sense consideration is the price, motive or inducement for a promise or for a transfer of property from one person to another. The nature or quality of the consideration which will be sufficient for these purposes varies with the nature of the transaction and in the absence of consideration the Courts will, except in the case of s...
Restrictive trade practice
Restrictive trade practice, means a trade practice which tends to bring about manipulation of price or its conditions of delivery or to affect flow of supplies in the market relating to goods or services in such a manner as to impose on the consumers unjustified costs or restrictions and shall include--(a) delay beyond the period agreed to by a trader in supply of such goods or in providing the services which has led or is likely to lead to rise in the price.(b) Any trade practice which requires a consumer to buy, hire or avail of any goods or, as the case maybe, services as condition precedent to buying, hiring or availing of other goods or services. [The Consumer Protection Act, 1986 (68 of 1986), s. 2 (1) (nnn)]The definition of restrictive trade practice is an exhaustive and not an inclusive one. The decision whether trade practice is restrictive or not has to be arrived at by applying the rule of reason and not on the doctrine that any restriction as to area or price will per se b...
Ejectment
Ejectment, the 'mixed' action at Common Law to recover the possession of land (which is real), and damages and costs for the wrongful withholding of the land (which are personal).Until abolished by the (English) C.L.P. Act, 1852, s. 168, the forms of this action exhibited the most remarkable string of fictions then recognized by the Courts of Common Law. The action was commen-ced by the party claiming title delivering to the party in possession a declaration in which the plaintiff (John Doe) and the defendant (Richard Roe) were fictitious persons. The declaration stated that a lease of the premises in question for a term of years had been made by the party claiming the title (who was the real plaintiff) to John Doe, who entered upon the land by virtue of such demise, and that afterwards Richard Roe, the casual ejector, entered and ousted John Doe during the continuance of his term. Appended to this declara-tion was a notice signed by Richard Roe, addressed to the tenant in possession (...
Allowance
Allowance [fr. locare, Lat.; allocare, allogare, It.; alogar, Prov.; louer, allouer, Fr., to place or assign], a deduction, an average payment, a portion.Also in selling goods, or in paying duties upon them, certain deductions are made from their weights, depending on the nature of the packages in which they are inclosed, and which are regulated in most instances by the custom of merchants, and the rules laid down by public offices. These allowances, as they are termed are distinguished by the epithets draft, tare, tret, and cloff.Draft is a deduction from the original or gross weight of goods, and is substracted before the tare is taken off.Tare is an allowance for the weight of the bag, box, cask, or other package in which goods are weighed.Real, or open tare, is the actual weight of the package.Customary tare is, as its name implies, an established allowance for the weight of the package.Computed tare is an estimated allowance agreed upon at the time.Average tare is when a few packa...
Anticipation
Anticipation, doing or taking a thing before the appointed time. For anticipation of an invention see PATENTS. A married woman may be restrained by the terms of a will or settlement from aliening, by way of anticipation, property settled to her separate use during coverture. Such a clause absolutely disables her from selling, mortgaging or dealing with the property in anticipation, but it does not apply to income actually accrued due, Hood Barrs v. Heriot, 1896 AC 174, and on the determination of the coverture the restraint is at an end, Tullett v. Armstrong, (1839) 4 My&Cr 377; 1 Beav 1. Such a provision is only effective during coverture; it cannot affect dispositions in favour of a man, Brandon v. Robinson, (1871) 18 Ves 429, or a feme sole. The restraint may be applied either to corpus or income, usually only to the latter; in a marriage settlement the wife's income is almost invariably directed to be paid to her, without power of anticipation.' The L.P. Act, 1925, s. 169, repeatin...
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