Contract Note - Law Dictionary Search Results
Home Dictionary Name: contract noteContract note
Contract note, a short statement of the effect of a contract. The expression is defined ins. 77(3) of the Finance (1909-10) Act, 1910, as follows:--For the purposes of this Part of this Act, the expression contract note' means the note sent by a broker or agent to his principal, or by any person who by way of business deals, or holds himself out as dealing, as a principal in any stock or market-able securities, advising the principal or the vendor or purchaser, as the case may be, of the sale or purchase of any stock or marketable security, but does not include a note sent by a broker or agent to his principal where the principal is himself acting as broker or agent for a principal, and is himself either a member of a stock exchange in the United Kingdom or a person who bona fide carries on the business of a stockbroker in the United Kingdom, and is registered as such in the list of stockbrokers kept by the Commissioners.The same s. imposes stamp duties on contract notes varying with t...
cover
cover 1 : insure [this policy s other family drivers] 2 : to give protection against or compensation or indemnification for [doesn't flood damage] vi : to obtain cover [where the seller anticipatorily repudiates a contract and the buyer does not "Cosden Oil & Chemical Co. v. Karl O. Helm AG, 736 F.2d 1064 (1984)"] n : purchase of goods in substitution for those originally contracted for when the seller fails to fulfill the contract [the buyer is always free to choose between and damages for nondelivery "Uniform Commercial Code"] ;also : the substituted goods NOTE: Under the Uniform Commercial Code, when a seller does not perform on a contract, the buyer has the option of covering, with the seller paying the difference between the cost of the cover and the original contract price, or seeking damages for nonperformance. Reselling is the seller's comparable remedy when a buyer does not perform under a contract. ...
offense
offense or of·fence [ə-fens] n 1 : a violation of the law ;esp : a criminal act [nor shall any person be subject for the same to be twice put in jeopardy "U.S. Constitution amend. V"] see also lesser included offense 2 in the civil law of Louisiana : an intentional unlawful act that causes damage to another and for which the law imposes an obligation for damages compare quasi contract at contract, quasi-offense NOTE: Breach of contract, offenses, quasi-offenses, and quasi contracts are the bases for civil liability under the civil law. Offenses and quasi-offenses are comparable to common-law torts. ...
interest
interest [probably alteration of earlier interesse, from Anglo-French, from Medieval Latin, from Latin, to be between, make a difference, concern, from inter- between, among + esse to be] 1 : a right, title, claim, or share in property Article Nine security interest : security interest in this entry beneficial interest : the right to the use and benefit of property [a beneficial interest in the trust] contingent interest : a future interest whose vesting is dependent upon the occurrence or nonoccurrence of a future event compare vested interest in this entry controlling interest : sufficient stock ownership in a corporation to exert control over policy equitable interest : an interest (as a beneficial interest) that is held by virtue of equitable title or that may be claimed on the ground of equitable relief [claimed an equitable interest in the debtor's assets] executory interest : a future interest other than a remainder or reversion that may take effect upon the divesting...
Bought and Sold Notes
Bought and Sold Notes. It is no longer the custom for brokers who have succeeded in making a contract to make any entry in their books save for their own private information, and it is now almost the universal practice to regard the bought and sold notes as the proper evidence of the contract. The broker sends to the seller a 'sold note' and to the buyer a 'bought note,' these being now the usual terms, though formerly their use was sometimes the converse. When each note discloses the name of both parties to the transaction, each is a complete memorandum of the bargain. When each note only discloses the name of one party, the two may be treated as one memorandum. The bought and sold notes are deemed to constitute a single document, and if they differ materially they are nullities unless one has been assented to by the parties as containing the terms of the contract.Every contract note for or relating to the sale or purchase of any stock or marketable security must be stamped when the v...
identify
identify -fied -fy·ing 1 : to consider as united or associated (as in interests or principles) [can ask leading questions of a witness who is identified with an adverse party] 2 : to establish the identity of [ing the suspect] 3 : to specify or designate (goods) as the object of a contract used in the phrase identify to the contract [the disputed beans were goods identified to the contract] NOTE: Under the Uniform Commercial Code, once goods are identified to a contract, the buyer has a special property interest and an insurable interest in the goods. This gives the buyer the right to seek damages and other relief. This identification can be done at any time and in any manner agreed to by the parties or as otherwise specified in the U.C.C. iden·ti·fi·able adj iden·ti·fi·ca·tion n ...
preexisting duty rule
preexisting duty rule : a common-law rule of contracts: a party's offer of a performance already required under an existing contract is insufficient consideration for modification of the contract NOTE: This rule is not applicable to sales contracts in jurisdictions that have enacted the Uniform Commercial Code. It is also not applicable where there has been a rescission of the contract followed by a new contract. ...
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...
Eligible transaction
Eligible transaction, means any transaction (A) carried out electronically on screen-based systems through a stock broker or sub-broker or such other intermediary registered under s. 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) in accordance with the provisions of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) or the Securities and Exchange Board of India Act, 1992 or the Depositories Act, 1996 (22 of 1996) and the rules, regulations or bye-laws made or directions issued under those Acts or by banks or mutual funds on a recognised Stock Exchange; and (B) which supported by a time stamped contract note issued by such stock broker or sub-broker or such other intermediary to every client indicating in the contract note the unique client identity number allotted under any Act referred to in sub-clause (A) and Permanent Account number allotted under this Act. [Income Tax Act, 1961 (43 of 1961), s. 43(5) Prov. Expl.]...
rejection
rejection : the act or an instance of rejecting: as a : a refusal to accept an offer b : a refusal to accept nonconforming goods as performance of a contract NOTE: Rejection and revocation are two remedies available to the buyer under the Uniform Commercial Code after the delivery of defective goods. Goods may be rejected if they do not conform to the contract. The rejection must be made within a reasonable period after delivery, before the goods have been accepted, and notice of the rejection must be given to the seller. Acceptance of the goods can be revoked if a defect substantially impairing their value to the buyer is discovered after acceptance, but such revocation must be made within a reasonable period after the buyer has discovered, or should have discovered, the defect. ...
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