Conditional Sale - Law Dictionary Search Results
Home Dictionary Name: conditional sale Page: 3Open market
Open market, if the transactions of sale and pur-chase are effected under conditions enabling every person desirous of purchasing the goods in question to place orders with such manufacturing unit and obtain supplies, they will constitute purchases 'from the open market'. The Supreme Court in in this context referred with advantage to the following observations of Swinfen Eady, J. in Inland Revenue Commissioners v. Clay, (1914) 3 KB 466: (1914-1915) All ER Rep 882 (888), where the Court of Appeal had to consider the scope of the expression 'open market' occurring in s. 25(1) of the Finance Act, 1910 (10 Edw 7, c 8): The market is to be the open market, as distinguished from an offer to a limited class only, such as the members of the family. The market is not necessarily an auction-sale. The s. means such amount as the land might be expected to realize if offered under conditions enabling every person desirous of purchasing to come in and make an offer, and if proper steps were taken t...
Hire-purchase system
Hire-purchase system. A system whereby the owner of goods lets them on hire for periodic payments by the hirer upon an agreement that when a certain number of payments have been completed, the absolute property in the goods will pass to the hirer, but so that the hirer may return the goods at any time without any obligation to pay any balance of rent accruing after return, until the conditions have been fulfilled, the property remains in the owner. The instrument by which the hire-purchase is effected does not ordinarily require registration under the Bills of Sale Acts [Ex parte Crawcour, (1878) 9 Ch D 419]; and the hirer is 'reputed owner' within the Bankruptcy Act [Ex parte Brooks, (1993) 23 Ch D 261]; but the hirer does not 'agree to buy' within the Factors Act or Sale of Goods Act so as to be able to sell or pledge the goods as if he were a 'mercantile agent', Helby v. Matthews, 1895 AC 471; Brooks v. Biernstein, (1909) 1 KB 98. Distinguish from agreements such as in Lee v. Butler...
Puffer
Puffer, one who attends a sale by auction, to bid on the part of the owner, for the purpose of raising the price and exciting the eagerness of the bidders.The (English) Sale of Land by Auction Act, 1867 (30 & 31 Vict. c. 48), regulates the employments of puffers at an auction for the sale of land, and enacts that all sales of land where a puffer has bid shall be illegal unless a right of bidding on behalf of the owner shall have been reserved; that the conditions of sale shall state whether the sale is to be without reserve, or subject to a reserved price, or whether a right to bid is reserved; that if it be stated that the sale is to be without reserve, a puffer is not to be employed; that if a right to bid be reserved, the seller or one puffer may bid; and that the practice of opening bidding, formerly sanctioned by courts of equity, shall be discontinued. As to sale of goods by auction, see similar provisions, s. 58 of the Sale of Goods Act, 1893, and see AUCTION....
Contract for sale of land
Contract for sale of land. The incidents of a contract for sale of land re regulated partly by statute and partly by the practice of conveyancers. A contract for sale of land must be in writing, (English) L.P. Act, 1925, s. 40. See FRAUDS, STATUTE OF. If the contract is a simple, unconditional, or open contract for sale of land, it is implied that the vendor is to make a good title to the land for an estate in fee simple free from incumbrances, Hughes v. Parker, 8 M & W 344. He is under an obligation to show a good title (in ordinary circumstances for the thirty years preceding the date of contract, see ABSTRACT), and to prove that title by sufficient evidence. the expenses of showing the title, i.e., the abstract, falls on the vendor and so also the expenses of production of material documents in his possession or in that of his trustees an mortgagees. The expenses of production for verification of those which are not in such possession are to be borne by the purchaser, (English) L.P....
Lots
Lots. Parcels of land under one ownership put up separately at one sale. By s. 45 (5) of the (English) Law of Property Act, 1925, it is an implied condition of the sale that a purchaser of two or more lots held wholly or partly under the same title shall not have a right to more than one abstract of the common title, except at his own expense. As a rule the purchaser of the largest lot in value is entitled to the documents of title on completion where all the lots have been sold. [see, e.g., General Conditions of Sale, 34 (2) (i)]As to the position of a bidder purchasing a wrong lot by his own mistake, see Van Praagh v. Everidge, (1903) 1 Ch 434....
Mistake
Mistake, misconception, error.Money paid under a mistake of a material fact, as where a person discounts a forged bill, is recoverable (though a banker paying the forged cheque of a customer cannot charge the customer with the loss), and see Jones & Co. v. aring & Gillow Ltd., 1926 AC 670; but money paid under a mistake of law is ordinarily not recoverable, Holt v. Markham, (1923) 1 KB 504, though there is an exception in the case where an officer of a Court or a trustee in bankruptcy has received the money [Ex P. Simmonds, (1885) 16 QBD 308]. A contract is not voidable because it was caused by a mistake as to any law in force in India; but a mistake as to a law in force in India has the same effect as a mistake of fact. (The Indian Contract Act, 1872, s. 21)It is a common condition of the sale of land that any error or misdescription shall not vitiate the sale, and mayor may not be made the subject of compensation, and this condition applies whether an error complained of was discover...
Requisitions of title
Requisitions of title, a series of inquiries and requests which arise upon a title on behalf of a proposed purchaser or mortgagee, and which the vendor or mortgagor is called upon to satisfy and comply with. In the case of sales, they are often curtailed by the conditions of sale (see ABSTRACT AND CONDITIONS OF SALE OF LAND). Consult Williams or Dart on Vendors and Purchasers; Jackson and Gossett on Investigation of Title....
Representation
Representation, by public bodies, associations or individuals ventilating individual grievances are considered by Petitions Committee of Lok Sabha. Representations in the form of letters, telegrams, copies of resolutions are treated as representation and considered by the Petitions Committee, representations relating to the proceedings in the House or conduct of member are also considered by Petitions Committee Practice and Procedures of Parliament, M.N. Kaul and S.L. Shakdher, 5th Edn., 2001, P. 964.Representation, is a description, account or state-ment of facts or arguments intended to influence action or make protest, Webster American Dictionary, p. 1235.Representation, means a statement regarding a fact, A Dictionary of Law, Willium C. Anderson, 1889, p. 882.Representation, standing in the place of another for certain purposes, as heirs, executors, or administrators. See EXECUTOR; ADMINISTRATOR; PERSONAL REPRESENTATIVE; REAL REPRESENTATIVE.A presentation of fact-either by words or...
Auction sale
Auction sale, whenever there is an auction the sale must be deemed to be complete. Whether there is a transfer or not depends on the conditions of the auction and these have to be examined to find out when a transfer of the property auctioned takes place. There may be a sale by auction where the sale is not complete till, for example, a document is executed, Bombay Sale and Chemical Industries v. L.J. Johnson, AIR 1958 SC 289 (292). [Displaced Persons (Compensation and Rehabilitation) Act, 1954 (44 of 1954), s. 20]...
Establishment
Establishment, includes a shop, commercial estab-lishment, workshop, farm, residential hotel, restaurant, eating house, theatre or other place of public amusement or entertainment. [Child Labour (Prohibition and Regulation) Act, 1986, s. 2(iv)]1. The act of establishing, the state or condition of being established, 2. An institution or place of business, Black's Law Dictionary, 7th Edn., p. 566.It includes any place where any industry is carried on [and where an establishment consists of different departments or have branches, whether situated in the same place or at different places, all such departments or branches shall be treated as part of that establishment. [Apprentices Act, 1961 (52 of 1961), s. 2(g)]It means a corporation established by or under a Central, Provincial or State Act, or an authority or a body owned or controlled or aided by the government or a local authority or a Government company as defined in s. 617 of the Companies Act 1956 and includes Departments of a Gove...
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