Last In First Out - Law Dictionary Search Results
Home Dictionary Name: last in first outlast in, first out
last in, first out : being or relating to a method of valuing inventories by which items from the last lot received are assumed to be sold first and all requisitions are priced at the cost per item of the lot last stocked compare first in, first out ...
Last in, first out
Last in, first out, means an accounting method that assumes that the most recent purchases are sold or used first. Matching current costs against current revenues, Black's Law Dictionary, 7th Edn., p. 887....
first in, first out
first in, first out : being or relating to a method of valuing inventories by which items in the lot first received are assumed to be issued or sold first and requisitions are priced at the cost per item of the oldest lot on hand compare last in, first out ...
LIFO
LIFO last in, first out ...
Institutions
Institutions. It was the object of Justinian to comprise in his Code and Digest, or Pandects, a complete body of law. But these works were not adapted to the purposes of elementary instruction, and the writings of the ancient jurists were no longer allowed to have any authority, except so far as they had been incorporated in the digest, Smith's Dict. of Antiq. It was therefore necessary to prepare an elementary treatise, and the Institutes were published a month before the Pandects, A.D. 533, and designed as an elementary introduction to legal study (legum cunabula). The work was divided into four books, subdivided into titles.The Institutes are the elements of the Roman Law, and were composed at the command of the Emperor Justinian, by Trebonian, Dorotheus, and The ophilus, who took them from the writings of the ancient lawyers, and chiefly from those of Gaius especially from his Institutes and his books called Aureorum (i.e., of important matters).The Institutes are divided into four...
Contingent legacy
Contingent legacy, one bequeathed on a contingency; e.g., if the legatee attain twenty-one.The contingency may only relate to the disposal of the fund, or it may relate to the position or existence of the beneficiary; in the first case as in a bequest to be paid or payable to A. when he shall attain twenty one years, the legacy is vested and not contingent and although he may never attain the age his personal representatives will be entitled to the legacy, but if the words 'paid' or 'to be payable' are omitted and the legacy is to A. on attaining twenty-one years of age his personal representatives will not be entitled to the legacy if he dies under that age. These are said to be positive rules of construction, Williams on Executors and Administrators, 12th Edn. P. 794, but the prima facie inference may be negatived by the context of the will taken as a whole. There are certain other guides to construction, e.g., in general, a gift of interest in the interim or a direction to pay maint...
Magna Carta
Magna Carta, [Latin 'great charter'] The English charter that King John granted to the barons in 1215 and Henry III and Edward I later confirmed. It is generally regarded as one of the great common-law documents and as the foundation of constitution liberties. The other three great charters of English Liberty are the Petition of Right (3 Car. (1628)), the Habeas Corpus Act (31 Car. 2 (1679)), and the Bill of Rights (1 Will. SM. (1689)). Also spelled Magna charta, Black's Law Dictionary, 7th Edn., p. 963.This Great Charter is based substantially upon the Saxon Common Law, which flourished in this kingdom until the Normaninvasion consolidated the system of feudality, still the great characteristic of the principles of real property. The barons assembled at St.Edmund's Bury, in Suffolk, in the later part of the year 1214, and there solemnly swore upon the high alter to withdraw their allegiance from the Crown, and openly rebel, unless King John confirmed by a formal charter the ancient li...
Trust
Trust, is a comprehensive expression, as covering not only the relationship of trustee and beneficiary but also that a bailor and bailee master and servant pledger and pledgee, guardian and ward and all other relations which postulate the existence of fiduciary relationship between the complainant and the accused, State v. K.P. Jain, (1983) 2 Crimes 947 (All).Trust, is a trust for public purposes, the substances and primary intention of the creator must be seen, Shabbir Husain v. Ashiq Husain, AIR 1929 Oudh 225.Trust, is an obligation annexed to ownership. A trustee holds property 'subject' to an obligation, which the testator has imposed upon him, Mahadeo Ramchandra v. Damodar Vishwanath, AIR 1957 Bom 218: (1957) 59 Bom LR 478.Means any arrangement whereby property is transferred with intention that it be administered for another's benefit is a trust. It casts an obligation on the trustee to use the property for achieving the purpose for which the trust is created, Baba Jamuna Das Mah...
Hindu
Hindu, The historical and etymological genesis of the word 'Hindu' has given rise to a controversy amongst ideologists; but the view generally accepted by scholars appears to be that the word 'Hindu' is derived from the river Sindhu otherwise known as Indus which flows from the Punjab. 'That part of the great Aryan race', says Monier Williams, 'which immigrated from Central Asia, through the mountain passes into India, settled first in the districts near the river Sindhu (now called the Indus). The Persians pronounced this word Hindu and named their Aryan brethren Hindus. The Greeks, who probably gained their first ideas of India from the Persians, dropped the hard aspirate, and called the Hindus 'Indoi'. ('Hindulsm' by Monler Williams, p.1.)'. The Encyclopedia of Religion and Ethics, Vol. VI, has described 'Hinduism' as the title applied to that form of religion which prevails among the vast majority of the present population of the Indian Empire (p. 686). As Dr. Radhakrishnan has obs...
Alien
Alien [fr. alienigena, alibi natus, Lat.], a person not born within His Majesty's dominions and allegiance (q.v.). See definitions in the British Nationality and Status of Aliens Acts, 1914 and 1933, infra. At common law aliens were subject to very many disqualifications, the nature of which is shown by the (English) Act of 1844, 7 & 8 Vict. c. 66, which greatly relaxed the law in their favour. It provided, inter alia, that every person born of a British mother should be capable of holding real or personal estate; that alien friends might hold every species of personal property except chattels real; that subjects of a friendly power might hold lands, etc., for the purposes of residence or business for a term not exceeding twenty-one years; and it also provided for aliens becoming naturalized.Alien, (UK) is a person who is neither a Common-wealth citizen nor a British protected person nor a citizen of the Republic of Ireland. Aliens therefore include both persons having the nationality ...
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