Commercially Reasonable - Law Dictionary Search Results
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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. ...
good faith
good faith [translation of Latin bona fides] : honesty, fairness, and lawfulness of purpose : absence of any intent to defraud, act maliciously, or take unfair advantage [filed the suit in good faith] [negotiating in good faith] see also good faith exception, good faith purchaser compare bad faith NOTE: The meaning of good faith, though always based on honesty, may vary depending on the specific context in which it is used. A person is said to buy in good faith when he or she holds an honest belief in his or her right or title to the property and has no knowledge or reason to know of any defect in the title. In section 1-201 of the Uniform Commercial Code good faith is defined generally as “honesty in fact in the conduct or transaction concerned.” Article 2 of the U.C.C. says “good faith in the case of a merchant means honesty in fact and the observance of reasonable commercial standards of fair dealing in the trade.” Similarly, Article 3 on negotiable inst...
Public service
Public service, an activity however beneficial to the people and however useful cannot, be reasonably regarded as public service if is of a type which may be carried on by private individuals and is carried on by government with a distinct profit motive. By reason of the fact that a commercial undertaking is owned and run by the State it does not ipso facto become a 'public service', Satya Narain Singh v. District Engineer, AIR 1962 SC 1161 (1163): 1962 Supp (3) SCR 105....
accept
accept 1 a : to receive with consent [ a gift] [ service] b : to assent to the receipt of and treat in such a way as to indicate ownership of [ed the shipment despite discovering defects in the merchandise] compare reject NOTE: Under section 2-606(1) of the Uniform Commercial Code, a buyer accepts goods if: 1) he or she indicates to the seller after a reasonable opportunity to inspect them that he or she will keep them; 2) he or she fails to effectively reject them; 3) he or she acts in a way that is inconsistent with seller's ownership of the goods. 2 : to make an affirmative or favorable response to ;specif : to indicate by words or action one's assent to (an offer) and willingness to enter into a contract NOTE: A contract is created when the offer is accepted. 3 : to assume orally, in writing, or by conduct an obligation to pay [ing a draft] 4 of a deliberative body : to receive (a report) officially (as from a committee) vi 1 : to receive favorably something offered usu...
seasonable
seasonable : occurring within the time agreed to by parties to a commercial transaction or within a reasonable time [ notice of the rejection of goods] sea·son·ably [-blē] adv ...
Consumables
Consumables, refers only to material which is utilised as an input in the manufacturing process but is not identifiable in the final product by reason of the fact that it has got consumed therein, Coastal Chemical Ltd. v. Commercial Tax Officer, (1999) 8 SCC 465...
Manifesto, or Manifest
Manifesto, or Manifest, a public declaration made by a prince, in writing, showing his intention to begin a war or other enterprise, with the motives that induce him to it, and the reasons on which he founds his rights and pretensions, Encyc. Londin.In commercial navigation, a document signed by the master, containing a general statement of the ship and cargo, i.e., the names of the places where the goods have been laden, and the places for which they are destined, the name and tonnage of the vessel, the name of the master, and the place to which the vessel belongs, a particular description of the packages on board, marks, numbers, etc., the goods contained in them, and the name sof the shippers and consigness, as far as known. The manifest must be made out, dated, and signed by the captain, at places where the goods, or any part, are taken on board....
Property
Property, an actionable claim against the tenants is undoubtedly a species of property which is assignable, State of Bihar v. Kameshwar Singh, AIR 1952 SC 252.Comprises every form of tangible property, even intangible, including debts and chooses in action such as unpaid accumulation of wages, pension, cash grants, and constitutionally protected privy purse, See M.M. Pathak v. Union of India, AIR 1978 SC 802.Decree is to be treated as property, Associated Hotels of India v. Jodha Mal Kuthiala, AIR 1950 Punj 201.Every movable property is included in the ordinary connotation of the word 'property', Chunni Lal v. State, AIR 1968 Raj 70.In commercial law this may carry its ordinary meaning of the subject-matter of ownership. But elsewhere, as in the sale of goods it may be used as a synonym for ownership and lesser rights in goods, Dictionary of Commercial Law by A.H. Hudson, (1983, Edn.).In Entry 42, List III (Constitution of India) includes the power to legislate for acquisition of an un...
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