Collateral Promise - Law Dictionary Search Results
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collateral promise see promise ...
promise
promise : a declaration or manifestation esp. in a contract of an intention to act or refrain from acting in a specified way that gives the party to whom it is made a right to expect its fulfillment aleatory promise : a promise (as to compensate an insured individual for future loss) whose fulfillment is dependent on a fortuitous or uncertain event collateral promise : a promise usually to pay the debt of another that is ancillary to an original promise, is not made for the benefit of the party making it, and must be in writing to be enforceable false promise : a promise that is made with no intention of carrying it out and esp. with intent to deceive or defraud gratuitous promise : a promise that is made without consideration and is usually unenforceable called also naked promise compare nudum pactum NOTE: A gratuitous promise may be enforceable under promissory estoppel. illusory promise : a purported promise that does not actually bind the party making it to a particular p...
note
note 1 a : a written promise to pay a debt ;specif : promissory note in this entry bank note : a promissory note issued by a bank payable to bearer on demand but without interest and circulating as money cog·no·vit note [kÄ g-nō-vit-, kōg-] : a note in which the maker acknowledges the debt and authorizes the entry of judgment against him or her without notice or a hearing : a note containing a confession of judgment collateral note : a note secured esp. by a collateral mortgage and pledged to secure an obligation of which a hand note usually serves as evidence demand note : a note payable on demand compare time note in this entry floating rate note : a negotiable note that yields an indexed and periodically adjusted variable rate of interest called also floater hand note : a note for an obligation secured by a collateral note non-recourse note : a note whose satisfaction upon default may be obtained only out of the collateral securing it promisso...
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...
Guarantee
Guarantee, he to whom a guaranty is made; also, and more commonly, the guaranty itself. See GUARANTY.The assurance that a contract or legal act will be duly carried out; Something given or existing as security, such as to fulfill a further engagement or a condition subsequent, Black's Law Dictionary, 7th Edn., p. 711.Company limited by. See COMPANIES.Guarantee includes any obligation undertaken before the commencement of this Constitution to make payments in the event of the profits of an undertaking falling short of a specified amount. [Constitution of India, Art. 366(13)]Guarantee, is in collateral engagement to answer for the debt, default, or miscarriage of another person, a promise to another as debtor to secure the payment of a debt payable to him, Stroud's Judicial Dictionary, Vol. 2, p. 1111.Includes any obligation undertaken before the com-mencement of the constitution to make payments in the event of the profits of an undertaking falling short of a specified amount, Constitut...
Warranty
Warranty, a guarantee or security; formerly a promise or covenant by deed by the bargainer, for himself and his heirs, to warrant and secure the bargainee and his heirs against all persons for the enjoying of the thing granted accompanied by a promise, express or implied, that if eviction should take place, the warrantor would substitute an equivalent estate in its place-see Co. Litt. 365 a. In that form it has been superseded in practice by 3 & 4 Wm. 4, cc. 27 (s. 39) and 74 (s. 14). See RECOVERY.More generally, a warranty is any agreement either accompanying a transfer of property, or collateral to the contract for such transfer, see Lawrence v. Cassell, (1930) 2 KB 83, and Miller v. Cannon Hill Estates Ltd., (1931) 2 KB 113, or to any other agreement or transaction, and in so far as it is a contract a warranty does not differ from any other contractual promise. A warranty may be express or implied by law or statute.For instances of implied warranties, see that title, CAVEAT EMPTOR, ...
pledge
pledge 1 : a delivery of esp. personal property as security for a debt or other obligation ;broadly : the perfection of a security interest in collateral through possession of the collateral by a creditor or other promisee 2 a : property and esp. personal property that is used as security esp. upon delivery ;broadly : a security interest in collateral compare chattel mortgage at mortgage b : a contract under which the delivery of property (as personal property) as security takes place 3 a : the state of being held as security or guaranty [property held in ] b : something given as security for the performance of an act 4 : a binding promise to do or forbear vt pledged pledg·ing 1 : to deliver or otherwise put forward as security for a debt or other obligation [pledged his car as collateral for the loan] 2 : to bind by a pledge [we mutually to each other our lives, our fortunes and our sacred honor "Declaration of Independence"] 3 : to assure or promise the performance...
estoppel
estoppel [probably from Middle French estoupail plug, stopper, from estouper to stop up see estop ] 1 : a bar to the use of contradictory words or acts in asserting a claim or right against another ;esp : equitable estoppel in this entry compare waiver equitable estoppel : an estoppel that prevents a person from adopting a new position that contradicts a previous position maintained by words, silence, or actions when allowing the new position to be adopted would unfairly harm another person who has relied on the previous position to his or her loss called also estoppel in pais NOTE: Traditionally equitable estoppel required that the original position was a misrepresentation which was being denied in the new position. Some jurisdictions retain the requirement of misrepresentation. estoppel by deed : an estoppel precluding a person from denying the truth of any matter that he or she asserted in a deed esp. regarding his or her title to the property compare after-acquired title a...
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...
Covenant
Covenant [fr. Covenant, Fr.], any agreement, convention, or promise of two or more parties, by deed in writing, signed, sealed, and delivered, by which either of the parties pledges himself to the other that something is either done or shall be done, or stiuplates for the truth of certain facts. He who thus promises is called the covenantor; and he to whom it is made the covenantee. A covenant being part of a deed is subject to the general rules for the construction of such instruents; as, first, to be always taken most strongly against the covenanter and most in favour of the covenantee; secondly, to be taken according to the intent of the parties; thirdly, to be construed ut res magis valeat quam pereat; fourthy, when no time is limited for its performance, that it be performed in a reasonable time.Covenants are personal obligations; formerly the did not bind theheirs of the covenanter unless the heirs were named and inthat case only to the extent of the lands descended, but if made ...
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