Auctioneers - Law Dictionary Search Results
Home Dictionary Name: auctioneers Page: 2Knock-out
Knock-out. The arrangement made between persons attending an auction to refrain from bidding in competition one with the other on the sale of certain articles and for the subsequent private sale among themselves of the Articles thus bought at a low price.At Common Law such an agreement is not illegal [Rawlins v. General Trading Co., (1921) 1 KB 635], and to an action by the purchaser of goods sold by auction for the delivery up of the goods, the fact that the sale was a 'knock-out' does not of itself afford a defence [Cohen v. Roche, (1927) 1 KB 169], but now the (English) Auctions (Bidding Agreements) Act,1927 (17 & 18 Geo. 5, c. 12), prohibits a dealer from giving any consideration or reward to anyone for abstaining or having abstained from bidding, under penalty on summary conviction to a fine not exceeding 100l. or imprisonment for not more than three months. A bona fide joint account, a copy of such agreement has been deposited before purchase with the auctioneer, is not an offenc...
sale
sale 1 a : the transfer of title to property from one party to another for a price ;also : the contract of such a transaction see also short compare barter, donation, exchange, gift absolute sale : a sale that takes place without conditions and with title simply passing to the buyer upon payment of the price compare conditional sale in this entry bulk sale : a sale not in the ordinary course of the seller's business of more than half of the seller's inventory called also bulk transfer NOTE: Article 6 of the Uniform Commercial Code governs bulk sales. Under section 6-102(c), in order for a sale to be considered a bulk sale, the buyer (or an auctioneer or liquidator if the sale is an auction) must have been given notice or been able upon reasonable inquiry to have had notice that the seller will not afterward continue to operate the same or a similar kind of business. cash sale : a sale in which payment must be made in cash NOTE: Under U.C.C. section 2-310, payment must be made ...
Pawnbroker
Pawnbroker, contemplates that every person who keeps a shop for the purchase or sale of goods or chattels and who purchases goods or chattels and pays or advances thereon any sum of money, with or under an agreement or understanding expressed or implied that the goods or chattel may be afterwards repurchased on any terms, is a 'pawnbroker', Karnataka Pawnbrokers' Assn. v. State of Karnataka, (1998) 7 SCC 707.One who lends money on goods which he receives upon pledge.The rate of interest which pawnbrokers may take has been fixed by law since 1800, by 39 & 40 Geo. 3, c. 48, which Act placed their whole business under various other restrictions. By the (English) Pawn-brokers Act, 1872 (which applies to Scotland, but not to Ireland), this Act, together with its amending Acts, is repealed, and the statute law of the subject consolidated. Sch. IV., dealing with profits and charges, has been amended by the (English) Pawnbrokers Act, 1922, in respect of loans not exceeding 40s.By s. 5 of the A...
Excise
Excise [fr. acciis, Dut.; excisum, Lat.], the name given to the duties or taxes laid on certain articles produced and consumed at home, amongst which spirits have always been the most important; but, exclusive of these, the duties on the licences of auctioneers, brewers, etc., and on the licences to keep dogs, kill game, etc., are included in the excise duties.Excise duties were introduced into England by the Long Parliament in 1643, being then laid on the makers and vendors of ale, beer, cider, and perry. The management of the excise, originally and for a long time entrusted to special commissioners [ss to whom see the (English) Excise Management Act, 1827 (7 & 8 Geo. 4, c. 53)], was, in 1849, by 12 Vict. c. 1, transferred to the Board of Inland Revenue, and in 1909 to the Board of Customs and Excise.A tax imposed on the manufacture sale, or use of goods (such as a cigarette tax) or on occupation or actively, Black's Law Dictionary, 7th Edn., p. 585.Consult Bell and Dwelly's Excise Ac...
Market
Market [anciently written mercat, fr. mercatus, Lat.], a public time and place of buying and selling; also purchase and sale. It differs from the forum, or market of antiquity, which was a public market-place on one side only, the other sides being occupied by temples, theatres, etc.A market can only be set up by virtue of a royal grant, or by long and immemorial usage, which presupposes a grant.See FAIRS; and (English) Public Health Act, 1875, s. 167, the Public Health Act, 1908 (8 Edw. 7, c. 6), and the Markets and Fairs Clauses Act, 1847 (10 & 11 Vict. c. 14); (English) Markets and Fairs (Weighing of Cattle) Acts, 1886 to 1926.As to disturbance of market, see Goldsmid v. Great Eastern Railway Co., (1884) 9 App Cas 927; A.G. v. Horner (No. 2), (1913) 2 Ch 140. In City of London Fruit Corporation v. Lyons, Sons & Co. Ltd., 1936 Ch 78, it was held that any member of the public has a right of access to a franchise market on payment of tolls and observance of bye-laws for the purpose of ...
Particulars of sale
Particulars of sale, description of property offered for sale by auction. The property should be described with as much minuteness and accuracy as possible. It is the duty of a vendor to make himself duly acquainted with the peculiarities and incidents of the property he is going to sell; and when he describes it for the information of the purchaser to describe everything material to be known in order to judge of its nature and value, and on the sale of a partial interest, any substantial variation from the description will even at law render the contract voidable, see Flight v. Booth, (1834) 1 Bing NC 77, per Tindal, C.J. If there be anything connected with the property important to be known which cannot be discerned or may be misapprehended by ocular inspection, it ought to be stated in the particulars: see Dav. Prec. Conv. Vol. i. On the sale of property of any considerable size the particulars are usually accompanied by a plan. In sales by auction the conditions of sale are general...
Sale by the court
Sale by the court. It constantly happens that in the course of an action in the Chancery Division a sale of property becomes necessary, as, for instance, in administration suits, also, under (English) Admin. of Estates Act, 1925, s. 38, or actions to enforce mortgages. After an order has been made for sale, the further proceedings take place before the Master in Chambers. An estate, when sold by the court, is usually sold by public auction, but a private advantageous offer may be accepted at once, without going to an auction. For the procedure on sales by the Court, see (English) R.S.C. Ord. LI., and consult Dart's V. & P....
Licence fee and fixed fee
Licence fee and fixed fee, the term 'licence fee' in the context of the U.P. Excise Law connotes the idea of it being the consideration in money receivable by the Government from a private person by grant of a licence (contract), for parting in such person's favour, its exclusive privilege or right of carrying on certain activities in respect of country liquor or drugs under 'auction system' in public auctions, and the term 'fixed fee' is a fee determined by the Excise Commissioner, in lieu of 'licence fee', State of U.P. v. Sheopat Rai, AIR 1994 SC 813. (1994) Supp 1 SCC 8. [U.P. Excise Act, 1910 s. 24A; U.P. Excise Rules, 1910, R. 2(1)]...
Bidder
Bidder, a person who makes an offer at an auction, which he may retract before acceptance, although there may be a condition prohibiting it. See AUCTION....
By bidder
One who bids at an auction in behalf of the auctioneer or owner for the purpose of running up the price of articles...
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