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Insurance

use of the public at large. The rooms are open from10 a.m. till 5 p.m.; but the most considerable part of the business is transacted between one and four. Merchants and ship-owners who manage their own insurance

Contract

or may arise by implication of law from the acts of the parties. All simple contracts require a consideration to support them. Contracts are also distinguished into executed and executory: executed, where nothing remains to be done

Wager

Wager, a contract by A. to pay money to B. on the happening of a given event, in consideration of B. paying money to him on the event not happening; and see the elaborate definition of 'wagering

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contract

the other's duty ;also : a document embodying such an agreement see also accept, bargain, breach, cause, consent, consideration, duty, meeting of the minds, obligation, offer, performance, promise, rescind, social contract, subcontract Uniform Commercial Code in the

Lease

1 Platt on Lease, pp. 9 et seq.); he to whom the property is granted, the lessee. The consideration is usually the payment of a rent or other annual recompense. The ancient operative words were 'demise, lease,

Purchase price

Purchase price, means the amount of valuable consideration paid or payable by a person for any purchase made including any sum charged for anything done by

Trust

interest was intended for the benefit of the grantee or any person other than the grantor himself. See CONSIDERATION (last paragraph). Trusts are also divisible into: (1) permanent, when there is a continuing duty to be performed

Immoral contracts

Immoral contracts, contracts founded upon considerations contra bonos mores, are void. Ex turpi contractu non oritur actio. But where a contract founded upon an

Turnover

own account or on account of others whether for cash or for deferred payment or for other valuable consideration, Joint Commercial Tax Officer v. Young Men's Association (Regd.), AIR 1970 SC 1212 (1215): (1970) 1 SCC 462:

Benami

the deed is the real transferee or B, to enquire into the question as to who paid the consideration for the transfer, X or B. But in the latter class of cases, when the question is whether

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