Mutual - Law Dictionary Search Results
Home Dictionary Name: mutualMutual account
Mutual account, a 'mutual account' means not merely where one of the parties has received money and paid it on account of the other, but where each of the two parties has received and paid on the other's account. Transactions creating obligations on one side, those on the other being merely complete or partial discharges thereof, are not enough to constitute mutual account. The account is not rendered 'mutual' by the mere shifting of the balance on same occasions....
Mutual dealing
Mutual dealing, Mutual Credit or mutual dealings under s. 46, Provincial Insolvency Act, means reciprocal demands which must be naturally terminated in a debt. In a case where there are reciprocal demands available by one party against the other in the same capacity, it is a clear case of mutual dealings, in which a set-off is a matter of course, H. Naik v. Panchanan Das, ILR 1952 Cut 307; see also Aiyar's Judicial Dictionary, 11th Edn., 1992, p. 782....
Mutual debts
Mutual debts, money due on both sides between two persons.-See SET-OFF; and as to mutual credits, debts, or other mutual dealings between a debtor afterwards becoming bankrupt and a person proving a debt against him, see s.31 of the Bankruptcy Act, 1914, and Eberle's Hotel Co. v. Jonas, (1887) 18 QB 459....
Mutual Will
Mutual Will, a will is mutual when two testators confer upon each other reciprocal benefits, as by either of them constituting the other his legatee; that is to say, when the executants fill the roles of both testator and legatee towards each other. But where the legatess are distinct from the testators, there can be no question of a mutual will, Kochu Govidan Kaimal v. Thayankoot Thekkot, AIR 1959 SC 71 (75). (Succession Act, 1925, s. 74)...
Mutuality
Mutuality, reciprocation; the state of things in which one person being bound to perform some duty or service or act for another, that other on his side is bound to do something for the former.A memorandum under the 4th s. of the (English) Sale of Goods Act, 1893 (Statute of Frauds, s. 17), or the (English) Law of Property Act,1925, s. 40 (Statute of Frauds, s. 4), does not require mutual signatures to bind the party signing, but if it can be shown that the signature of one party was dependent on the other party signing, the claim on the contract would fail, in the absence of both signatures, because the condition has not been fulfilled, Halsburry L.E., Hailsham Ed., vol. 7, p. 124. As to the want of mutuality as a defence to an action for specific performance, see Fry on Specific Performance....
mutuality
mutuality : the quality or state of being mutual: as a : the quality of a contract under which both parties are bound by obligations b : the state of debts for purposes of set-off under bankruptcy law in which the debts are owed between the same parties standing in the same capacity ...
Mutual credit
Mutual credit, the words 'Mutual Credit' extends the right of set-off to cases where the party receiving the credit is not debtor in praesenti to him who gives the credit...
Mutual promises
Mutual promises, concurrent considerations, which will support each other, unless one or the other be void; in which case, there being no consideration on the one side, no contract can arise. But if the promise on one side be only voidable, as in consideration of money given or of a promise by an infant, it is sufficient.Mutual promises, however, to be obligatory, must be made simultaneously. If they be made at different times on the same day they will not be a good consideration for each other because of the want of reciprocity of obligation at the moment the contract is made, Story on Contracts...
bailment for mutual benefit
bailment for mutual benefit :bailment for hire at bailment ...
joint and mutual will
joint and mutual will see will ...
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