Direct Loss - Law Dictionary Search Results
Home Dictionary Name: direct loss Page: 3 Page 3 of about 31 results (0.004 seconds)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...
estoppel
estoppel [probably from Middle French estoupail plug, stopper, from estouper to stop up see estop ] 1 : a bar to the use of contradictory words or acts in asserting a claim or right against another ;esp : equitable estoppel in this entry compare waiver equitable estoppel : an estoppel that prevents a person from adopting a new position that contradicts a previous position maintained by words, silence, or actions when allowing the new position to be adopted would unfairly harm another person who has relied on the previous position to his or her loss called also estoppel in pais NOTE: Traditionally equitable estoppel required that the original position was a misrepresentation which was being denied in the new position. Some jurisdictions retain the requirement of misrepresentation. estoppel by deed : an estoppel precluding a person from denying the truth of any matter that he or she asserted in a deed esp. regarding his or her title to the property compare after-acquired title a...
Account or Accompt
Account or Accompt [fr. compte, Fr., computo, Lat.], a registry of debts, credits, and charges, or a detailed statement of a series of receipts (credits) and disbursements (debits) of money-which have taken place between two or more persons. Accounts are either-(1) open, where the balance is not struck, or it is not accepted by all the parties; (2) stated, where it has been expressly or impliedly acknowledged to be correct by all the parties; and (3) settled, where it has been accepted and discharged. Stated and settled accounts may be investigated and reopened by the Court on the ground of fraud or fiduciary relationships. See SURCHARGE and FALSIFY.Companies under the Companies Act, 1929, must keep proper books of account, and present to the company in general meeting not less than 18 months after incorporation and subsequently at least once in every year a profit and loss account and balance sheet, to copies of which shareholders of all companies, except private companies, are entitl...
default
default [Anglo-French defalte defaute lack, fault, failure to answer a summons, from defaillir to be lacking, fail, from de-, intensive prefix + faillir to fail] 1 : failure to do something required by duty (as under a contract or by law): as a : failure to comply with the terms of a loan agreement or security agreement esp. with regard to payment of the debt b in the civil law of Louisiana : a delay in performing under a contract that is recognized by the other party NOTE: A party whose performance under a contract is delayed is not automatically in default. Rather, the law of Louisiana requires that the other party “put him or her in default” by a written or witnessed oral request for performance, by filing suit, or by invoking a specific provision in the contract. Moratory damages may be recoverable for loss caused by the delay. 2 : failure to defend against a claim in court (as by failing to file pleadings or to appear in court) see also default judgment at judg...
short
short 1 : treated or disposed of quickly in court [the calendar for causes] 2 a : not having goods or property that one has sold in anticipation of a fall in prices [a seller who was at the time of the sale] b : consisting of or relating to a sale of securities or commodities that the seller does not possess or has not contracted for at the time of the sale [a sale] [a position] NOTE: The purpose of a short sale is to profit from an anticipated drop in the price of a security or commodity. Typically, an investor directs a broker to borrow a quantity of stocks and to sell them at the current price. If the price drops, the investor then repurchases an equal quantity at the lower price, returns the borrowed stocks, and retains the difference in price as profit. If the price rises instead of falling, the investor may choose or be compelled to repurchase the stocks at a higher price and to accept a loss. adv : by or as if by a short sale [sold the stock ] ...
Constructive trust
Constructive trust, a trust which the Court elicits by a construction put upon certain acts of parties. It arises upon a vendor's lien or charge upon land sold for unpaid purchase money, and generally, when an estate is subject to a trust or equitable interest or lien, and a person purchases it for value, with either actual or constructive notice of it, the estate will still be subject to the trust or equitable interest in the hands of such a purchaser.The doctrine of constructive trusts also arises upon the renewal of a lease by a trustee, or person having a limited interest, in his own name, even in the absence of fraud and upon the refusal of the lessor to grant a new lease to the cestui que trust or expectant; for such renewed lease is held upon trust for the person beneficially entitled to the old lease or the expectant, in order to prevent persons in fiduciary situations from acting so as to take a benefit for themselves. This doctrine is extended to the renewal of leases by one ...
Dealer, auction
Dealer, auction, a person who in the normal course of his business attends sales by auction for the purpose of purchasing goods with a view to reselling them, Auctions (Bidding Agreements) Act, 1927, s. 1(2) (UK), Halsbury's Laws of England (2), para 944, p. 461.means a person carrying on the business of selling fertilisers, whether wholesale or retail (or industrial use), and includes a manufacturer and a pool-handling agency carrying on such business and the agents of such person, manufacturer or pool-handling agency, State of Punjab v. Gunomajra Cooperative Agriculture Service Society Ltd., (2000) 9 SCC 210.There is nothing either in the main definition in s. 2(5) or in the Explanation of the Orissa Taxation (on Goods Carried by Road and Inland Water ways) Act, 1959 to suggest that the manager or agent of the dealer (principal) should have his own business within the State of Orissa before he could be proceeded against or assessed under the Act. It would be sufficient if the manager...
Interest
Interest, an interest for the purposes of the regula-tion was not limited to a direct financial interest and included membership of a panel such as the panel of which the claimant's solicitors were members that, therefore, the Claimant's Solicitors had had an interest in recommending the insurance which they recommend to her; that, in the circumstances, there had not been sufficient disclosure of that interest; and that, accordingly, there had been a material breach of regulation 4(2)(e)(ii) and the conditional fee agreement was unenforceable [See (English) Conditional Fee Agreements Regulation, 2000 (SI 2000/692), reg. 4(2)(c)(e)(ii)], Garrett v. Halton BC, (2007) 1 WLR 554 CA Cir.Interest, inter alia as the compensation fixed by agreement or allowed by law for the use or detention of money, or for the loss of money by one who is entitled to its use; especially, the amount owed to a lender in return for the use of the borrowed money [Black's Law Dictionary (7th Edn.) pp. 393-94 para 3...
Joint venture
Joint venture, The expression 'joint venture' is more frequently used in the United States. It con-notes a legal entity in the nature of a partnership engaged in the joint undertaking of a particular transaction for mutual profit or an association of persons or companies jointly undertaking some commercial enterprise wherein all contribute assets and share risks. It requires a community of interest in the performance of the subject-matter, a right to direct and govern the policy in connection therewith, and duty, which may be altered by agreement, to share both in profit and losses, New Horizons Ltd. v. Union of India, (1995) 1 SCC 478....
Law Reform (UK)
Law Reform (UK). By the Law Reform (Miscellaneous Provisions) Act, 1934 (24 & 25 Geo. 5, c. 41), all causes of action shall with certain exceptions survive on the death (after the 24th July, 1934) of any person against or for the benefit of his estate. See actio personalis, and by s. 1(2) it is enacted:Where a cause of action survives as aforesaid for the benefit of the estate of a deceased person the damages recoverable for the benefit of the estate of that person:-(a) shall not include any exemplary damages;(b) in the case of a breach of promise to marry shall be limited to such damage, if any, to the estate of that person as flows from the breach of promise to marry;(c) where the death of that person has been caused by the act of omission which gives rise to the cause of action, shall be calculated without reference to any loss or gain to his estate consequent on his death, except that a sum in respect of funeral expenses may be included.See Rose v. Ford, (1937) 53 TLR 873.The right...
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