Commercially Reasonable - Law Dictionary Search Results
Home Dictionary Name: commercially reasonablecommercially reasonable
commercially reasonable : fair, done in good faith, and corresponding to commonly accepted commercial practices [a secured party after default may sell…the collateral in its then condition or following any commercially reasonable preparation "Uniform Commercial Code"] ...
reasonable
reasonable 1 a : being in accordance with reason, fairness, duty, or prudence b : of an appropriate degree or kind c : supported or justified by fact or circumstance [a belief that force was necessary for self-defense] d : commercially reasonable 2 : applying reason or logic ;broadly : rational [a mind] rea·son·able·ness n rea·son·ably adv ...
recognized market
recognized market : a market in which a secured party sells collateral upon a debtor's default, which does not rely on competitive bidding or haggling, and in which prices are stated publicly and presumed to be commercially reasonable NOTE: Under the Uniform Commercial Code, a creditor is not required to notify a debtor of the sale of collateral in a recognized market. ...
Commercial establishment
Commercial establishment, in the definition of a Commercial Establishment in s. 2 cl. 3 of the U.P. Shops and Commercial Eastblishment Act, 1947, the clerical and other establishments of a factory to whom the provisions of the Factories Act, 1934, do not apply, are included in the connotation of that expression. It is true that the reference in the definition by which clerical and other establish-ments of factories are included is to the Factories Act of 1934, but by virtue of s. 8 of the General Clauses (1987 10 of 1897), it must be construed as a reference to the provisions of the Factories Act LXIII of 1948 which repealed the Factories Act of 1934 and re-enacted it. It is difficult to say that field workers who are employed in guiding, supervising and controlling the growth and supply of sugarcane to be used in the factory are employed either in the precincts of the factory or in the premises of the factory; and if these workers are not employed in a factory, the provisions of the F...
International Commercial Arbitration
International Commercial Arbitration, the definition of 'international commercial arbitration' makes no distinction between international commercial arbitrations which take place in India or internalcommercial arbitrations which take place outside India, AIR 2002 SC 1432 (1439): (2002) 4 SCC 105. [Arbitration and Conciliation Act, 1996, s. 2(f)]International commercial arbitration means an arbitration relating to disputes arising out of legal relationships, whether contractual or not, con-sidered as commercial under the law in force in India and where at least one of the parties is-(i) an individual who is a national of, or habitually resident in, any country other than India; or(ii) a body corporate which is incorporated in any country other than India; or(iii) a company or an association or a body of individuals whose central management and control is exercised in any country other than India; or(iv) the Government of a foreign country. [Arbitra-tion Act, 1996 (26 of 1996), s. 2(1) (...
commercial unit
commercial unit : an item or group of items defined under section 2-105 of the Uniform Commercial Code as being viewed in commerce as a single whole that would be diminished in value if divided NOTE: Under U.C.C. section 2-606, when a part of a commercial unit is accepted by a buyer, the entire commercial unit is deemed to be accepted. ...
Commercial Court
Commercial Court, the name given to a court presided over by a single judge for the trial, as expeditiously as may be, of cases set down in a commercial list at the Royal Courts of Justice. The list was established in 1896 [not by any Rule of the Supreme Court, but by inherent power of the High Court or any Division of it to arrange its business-see Barry v. Peruvian Corporation, (1896) 1 QB 109]-and Mr. Justice Mathew was the first judge. The particular circumstances and the question in issue must be considered in order to decide whether a case should be made a commercial cause, see Insurance Co. v. Carr, 1901 (1) KB 7. See Annual Practice, part vi., 'Commercial Causes,' and Encyclop'dia of the Laws of England....
Reason to believe
Reason to believe, does not mean a purely subjective satisfaction. The belief must be held in good faith; it cannot be merely a pretence, S. Narayanappa v. CIT, Bangalore, AIR 1967 SC 523: (1967) 65 ITR 219: 1967 1 SCJ 161.Reason to believe, does not mean a purely subjective satisfaction. The believe must be held in good faith. It cannot be merely a pretence, S. Narayanappa v. C.I.T., Bangalore, 1967 ITR 219: AIR 1967 SC 523.Reason to believe, is not synonymous with subjective satisfaction of the officer. The belief must be held in good faith; it cannot merely be a pretence, Partap Singh v. Director of Enforcement, AIR 1985 SC 989: (1985) 3 SCC 72.Means that reasons should exist but the court will not go into the adequacy of such reason, Manchand & Co. v. CIT, West Bengal, AIR 1969 Cal 431.Means coming to the conclusion on the basis of the information that a thing, condition, statement or fact exists. It only means facts which prima facie will convince any reasonable person under the c...
Reasonable
Reasonable, has in law prima facie meaning of reasonable in regard to those circumstances of which the actor, called upon to act reasonably knows or ought to know, Gujarat Water Supply & Sewerage Board v. Unique Erectors (Gujarat) Pvt. Ltd., (1989) 1 JT SC 157: (1989) 39 ELT 493: AIR 1989 SC 973; Rena Drego v. Lalchand Soni, (1998) 3 SCC 341.Reasonable, has in law the prima facie meaning of reasonable in regard those circumstances of which the actor, called on to act reasonably, knows or ought to know, Rena Drego v. Lalchand Soni, (1998) 3 SCC 341.Means rational, according to dictate of reason and not excessive or immoderate. If something is not per se preposterous or absurd, it must he held to be reasonable. 'The action is called reasonable which an informed, intelligent, just minded, civilized man could rationally favour. The concept of reasonable-ness does not exclude notions of morality and ethics. In the circumstances of a given case consi-derations of morality and ethics may have...
commercial law
commercial law : the legal rules and principles bearing on commercial transactions and business organizations see also Uniform Commercial Code in the Important Laws section ...
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