Marketable - Law Dictionary Search Results
Home Dictionary Name: marketableMarket
Market [anciently written mercat, fr. mercatus, Lat.], a public time and place of buying and selling; also purchase and sale. It differs from the forum, or market of antiquity, which was a public market-place on one side only, the other sides being occupied by temples, theatres, etc.A market can only be set up by virtue of a royal grant, or by long and immemorial usage, which presupposes a grant.See FAIRS; and (English) Public Health Act, 1875, s. 167, the Public Health Act, 1908 (8 Edw. 7, c. 6), and the Markets and Fairs Clauses Act, 1847 (10 & 11 Vict. c. 14); (English) Markets and Fairs (Weighing of Cattle) Acts, 1886 to 1926.As to disturbance of market, see Goldsmid v. Great Eastern Railway Co., (1884) 9 App Cas 927; A.G. v. Horner (No. 2), (1913) 2 Ch 140. In City of London Fruit Corporation v. Lyons, Sons & Co. Ltd., 1936 Ch 78, it was held that any member of the public has a right of access to a franchise market on payment of tolls and observance of bye-laws for the purpose of ...
Market overt
Market overt, an open or public market. Contracts of sale which transfer the property as against a real owner though not the seller are binding, if made according to the following rules.--(1)The sale must be in a place that is open, so that anyone who passes may see it, and that is proper for the sale of such goods; (2) it must be an actual sale for a valuable consideration; (3) the buyer must not know that the seller has a wrongful possession of the goods sold; (4) the sale must no tbe fradulent between two to bar a third person of his right; (5) there must be a sale and a contract by persons able to contract; (6) the contract must be originally and wholly in the market overt; (7) toll ought to be paid where required by statute; (8) the sale ought not to be in the night, though, if the sale be made in the night, it may bind the parties, The Case of Market Overt, 5 Rep 83; and see Hargreave v. Spink, (1892) 1 QB 25; and Ardath Tobacco Co. Ltd. v. Ocker, 1930 TLR 177, distinguishing a s...
Market value
Market value, The term 'market value' has ac-quired a definite connotation by judicial decisions. Any addition to the value of the land to the owner whose land is compulsorily acquired which addition is the result of such factors as are unrelated to the open market cannot be regarded as a part of the market value, Union of India v. Shri Ram Mehar, AIR 1973 SC 305: (1973) 2 SCR 720: (1973) 1 SCC 109.Market value means the price that a willing purchaser would pay to a willing seller for the property having due regard to its existing condition with all its existing advantages and its potential possibilities when laid out in the most advantageous manner excluding any advantages due to the carrying out of the scheme for which the property is compulsory acquired, Thakur Kanta Prasad Singh v. State of Bihar, AIR 1976 SC 2219: (1976) 3 SCC 772: (1976) 3 SCR 585; Prithvi Raj Taneja v. State of Madhya Pradesh, AIR 1977 SC 1560: (1977) 1 SCC 684: (1977) 2 SCR 633. (Land Acquisition Act, 1894, s. ...
Markets and fairs
Markets and fairs. The right to hold a market or fair, i.e., to hold organized meetings of persons for the purpose of buying and selling, is derived from a royal grant either actual or to be presumed from long usage. Markets and fairs in large towns of modern growth are, however, frequently held under special Acts which incorporate the (English) Markets and Fairs Clauses Act, 1847 (10 & 11 Vict. c. 14), or under the Public Health Act, 1875. The following Acts regulate markets and fairs:-Metropolitan Fairs Act, 1868; Fairs Acts, 1871 and 1873; Markets and Fairs (Weighing of Cattle) Acts, 1887 and 1891, and 1926. See Newcastle (Duke of) v. Workshop U.D.C., (1902) 2 Ch 145; and consult Pease and Chitty on Markets and Fairs. See FAIRS AND MANOR....
Milk Marketing Board
Milk Marketing Board. A milk marketing scheme has been made under the powers given in the Agricultural Marketing Act, 1931 (21 & 22 Geo. 5, c. 42), (English) s. 1, and was approved on 28th July, 1933, by the (English) Milk Marketing Scheme (Approval) Order, S.R. & O. 1933, No. 789. See the (English) Milk Act, 1934 (24 Geo. 5, c. 51), and the (English) Milk (Extension of Temporary Provisions) Act, 1936 (26 Geo. 5, and 1 Edw. 8, c. 9). See as to Milk Marketing Schemes and contracts by registered producers, Milk Marketing Board v. Williams, 1935, W.N. 82. As to ultra vires contributions towards the cost of operating the scheme, see Ferrier v. Scottish Milk Marketing Board, 1937 AC 126 (HL Sc); and the (English) Milk (Extension of Provisions) Act, 1936 (26 Geo. 5, and 1 Edw. 8, c. 9)....
Open market
Open market, if the transactions of sale and pur-chase are effected under conditions enabling every person desirous of purchasing the goods in question to place orders with such manufacturing unit and obtain supplies, they will constitute purchases 'from the open market'. The Supreme Court in in this context referred with advantage to the following observations of Swinfen Eady, J. in Inland Revenue Commissioners v. Clay, (1914) 3 KB 466: (1914-1915) All ER Rep 882 (888), where the Court of Appeal had to consider the scope of the expression 'open market' occurring in s. 25(1) of the Finance Act, 1910 (10 Edw 7, c 8): The market is to be the open market, as distinguished from an offer to a limited class only, such as the members of the family. The market is not necessarily an auction-sale. The s. means such amount as the land might be expected to realize if offered under conditions enabling every person desirous of purchasing to come in and make an offer, and if proper steps were taken t...
If sold in open market
If sold in open market, the words 'if sold in the open market' do not contemplate actual sale or the actual state of the market, but only enjoins that it should be assumed that there is an open market and the property can be sold in such a market and on that basis, the value has to be found out. It is a hypothetical case which is contemplated and the Tax Officer must assume that there is an open market in which the asset can be sole, Ahmed G.H. Ariff v. C.W.T., (1969) 2 SCC 471: AIR 1971 SC 1691 (1696). [Wealth Tax Act, 1957, s. 7(1)]...
Market and fair
Market and fair, Market may strictly be defined as 'the meaning or congregating together of people for the purchase and sale of provisions or livestock, publicly exposed, at a fixed time and place'. A 'fair' has been judicially defined as meaning 'a periodical concourse of buyers and sellers in a place generally for sale and purchase......at times or on occasion ordained by custom. The distinction between markets and fair appears to lie in the periodicity viz. while a market may be a regular or permanent place of business, a fair is an intermittent one, ITC Ltd. v. Agricultural Produce Market, (2002) 9 SCC 239: AIR 2002 SC 852 (930). [Bihar Agricultural Produce Markets Act, 1960 (16 of 1960), ss. 15 & 27]...
Market garden
Market garden. A garden on which vegetables and fruit are grown for sale. The (English) Agricultural Holdings Act, 1908, which repealed the (English) Market Gardens Compensation Act, 1895, has itself been repealed and replaced by the (English) Agricultural Holdings Act, 1923, which consolidated the law relating to Agricultural Holdings (see that title). S. 57 of this last Act defines a 'market garden' as meaning 'a holding cultivated wholly or mainly for the purpose of the trade or business of market gardening.' Market garden includes part of private premises so treated, Saunders Jacob v. Yates, (1933) 2 KB 240. Schedule III. gives the special improvements for which a market gardener can claim compensation; and see special provisions in ss. 48 and 49. See HOLDING...
Marketability of goods
Marketability of goods, Goods have been understood to be articles known as identifiable articles known in the market as goods and marketed or marketable in the market as such. Anything required to make the goods marketable must form part of the manufacture and any raw material or any materials used for the same would be a component part for the end product, Collector of Central Excise v. Eastend Paper Industries Ltd., AIR 1990 SC 1893: (1989) 4 SCC 244: (1989) 3 SCR 1017....
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