Contract Bond - Law Dictionary Search Results
Home Dictionary Name: contract bond Page: 2Bond
Bond [fr. binda, band, bunden, A. S., to bind], a written acknowledgement or binding of a debt under seal. See DEED. No technical form of words is necessary to constitute a bond; see Gerrard v. Clowes, (1892) 2 QB 11; Strickland v. Williams, (1899) 1 QB 382. The person giving the bond is called the obligor, and he to whom it is given the obligee. A bond is called single (simplex obligatio) when it is without a penalty, but there is generally a condition added, that, if the obligor does or forbears from some act, the obligation shall be void, or else shall remain in full force, and the bond is then called a double or conditional one; see Dav. Prec. Vol. V., pt. Ii., p. 268. When a bond contains a penalty, which is generally double the amount of the principal sum secured, only the sum actually owing, with interest, can be recovered, and in no case can this exceed the amount appearing on the face of the bond. See 8 & 9 Wm. 3, c. 11, s. 8; Re Dixon, (1900) 2 Ch 561.Although it is unnecessa...
Contract for the hire of goods
Contract for the hire of goods, means a contract, other than an excepted contract, under which one person bails or agrees to bail goods to another by way of hire. Supply of Goods and Service Act, 1982 (UK), Halsbury's Laws of England, Vol. 2, para 856, p. 868....
Obligor
Obligor, he who enters into an obligation or bond; a debtor.It means a person liable to a originator, whether under a contract or otherwise, to pay a financial asset or to discharge any obligation in respect ofa financial asset, whether existing, future, con-ditional or contingent and includes the borrower. [Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), s. 2(1)(q)]Means (1) One who has undertaken an obligation is owed; a promisee or creditor. (2) One who is obliged to do something, Black's Law Dictionary, 7th Edn., p. 1104.Means a person liable to the originator, whether under a contract or otherwise, to pay a financial asset or to discharge any obligation in respect of a financial asset, whether existing, future, con-ditional or contingent and includes the borrower. [The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, s. 2(q)]...
security
security pl: -ties 1 a : something (as a mortgage or collateral) that is provided to make certain the fulfillment of an obligation [used his property as for a loan] b : surety see also security for costs 2 : evidence of indebtedness, ownership, or the right to ownership ;specif : evidence of investment in a common enterprise (as a corporation or partnership) made with the expectation of deriving a profit solely from the efforts of others who acquire control over the funds invested [a involves some form of investment contract] see also due diligence asset-backed security : a security (as a bond) that represents ownership in or is secured by a pool of assets (as loans or receivables) that have been securitized bearer security : a security (as a bearer bond) that is not registered and is payable to anyone in possession of it cer·tif·i·cat·ed security [sər-ti-fə-kā-təd-] : a security that belongs to or is divisible into a class or series o...
Crown debts
Crown debts. It is a prerogative of the Crownto claim priority for its debts before all other creditors, and to recover them by a summary process called an extent. See 33 Hen. 8, c. 39.Every person having money belonging to the Crown is a Crown-debtor. When upon in quisition a personis found to be a Crown-debtor by simple contract, the debt immediately becomes a specialty; but a person givien to the Crown a bond on condition is not a bond-debtor before the condition is broken.S. 28(1) of the Bankruptcy Act, 1914, provides that an order of discharge shall not release a bankrupt from his Crown debts.It is provided by the (English) Land Chargs Act, 1900 (63 & 64 Vict. c. 26), replaced by the Land Charges Act,1925, ss. 6 and 7, and see also the Law of Property Act, 1925, that Crown debts shall not affectlands until writ or ordr for the purpose of enforcing the judgment has been issued and registered. See Chitty's Statutes, tit. 'Land,' and titles EXTENT; PREFERENTIAL PAYMENTS....
Adequate assurance
Adequate assurance, in relation to bankruptcy means, evidence that a debtor will probably be able to perform its obligations under a contract such as the posting of a bond or a showing that the debtor will generate sufficient income to pay any arrearages and future payment obligations, Black Law Dictionary, 7th Edn., p. 40....
Debet detinet
Debet detinet. (He oweth and detaineth.) An action was in the debet et detinet when he who made a contract, or lent money to another, or he to whom a bond was made, sued for personal redress. But if it was brought by or against an executor for a debt due to or from the testator, this, not being his own debt, was sued for in the detinel only....
Stipulation
Stipulation, bargain; also, a recognizance of certain fidejussors in the nature of bail, taken in the Admiralty Courts.It is the highest and most authentic contract known to the Civil Law, entered into before the magistrate or public officer, through the medium of interrogatories and answers calculated to explain the nature and extent of the undertaking, to put the parties entering into it on their guard, and to show it to be their mature and deliberate act. It could not be impeached except for fraud or deceit, and could not be released or discharged except by an equally solemn proceeding, conducted by question and answer before the public functionary, called an acceptilation, Vinnius, 677; Sand. Just., 7th Edn. 332....
contract
contract [Latin contractus from contrahere to draw together, enter into (a relationship or agreement), from com- with, together + trahere to draw] 1 : an agreement between two or more parties that creates in each party a duty to do or not do something and a right to performance of the other's duty or a remedy for the breach of 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 Important Laws section NOTE: Contracts must be made by parties with the necessary capacity (as age or mental soundness) and must have a lawful, not criminal, object. Except in Louisiana, a valid contract also requires consideration, mutuality of obligations, and a meeting of the minds. In Louisiana, a valid contract requires the consent of the parties and a cause for the contract in addition to c...
Contract
Contract, an agreement between competent parties, to do or to abstain from doing some act. For numerous other definitions, see Chalmers's Sale of Goods Act, App. II., where it is said that the 'disposition of the best modern writers appears to be to define ' contract ' as an agreement enforce-able at law,' but contended that this definition seems rather too narrow.Every contract is founded upon the mutual agree-ment of the parties; the other essentials are legality, capacity (depending on age, mental ability, sex and status) a mutual identity of consent (consensus ad idem), and form. When an agreement is stated either verbally or in writing it is usually called an express contract; when the agreement is matter of inference and deduction, it is called n implied contract. (See IMPLIED CONTRACT.)Contract, which provides that the price includes the cost of the goods, the freight and the insurance premium for the transit, Halsbury's Laws of England, Vol. 3(1), para 253, p. 210.Contracts may...
- << Prev.
- Next >>
Sign-up to get more results
Unlock complete result pages and premium legal research features.
Start Free Trial