Mutual Company - Law Dictionary Search Results
Home Dictionary Name: mutual company Page: 2Contract
Contract, an agreement between competent parties, to do or to abstain from doing some act. For numerous other definitions, see Chalmers's Sale of Goods Act, App. II., where it is said that the 'disposition of the best modern writers appears to be to define ' contract ' as an agreement enforce-able at law,' but contended that this definition seems rather too narrow.Every contract is founded upon the mutual agree-ment of the parties; the other essentials are legality, capacity (depending on age, mental ability, sex and status) a mutual identity of consent (consensus ad idem), and form. When an agreement is stated either verbally or in writing it is usually called an express contract; when the agreement is matter of inference and deduction, it is called n implied contract. (See IMPLIED CONTRACT.)Contract, which provides that the price includes the cost of the goods, the freight and the insurance premium for the transit, Halsbury's Laws of England, Vol. 3(1), para 253, p. 210.Contracts may...
Rectification
Rectification, implies the correctness of an error or removal of defects or imperfections. It implies prior existence of error, mistake, or defect, which after rectification is made right, and corrected by removal or the flaws, Benarsi Dass Saraf v. Dalmia Dadri Cement Ltd., (1967) 37 Comp Cas 440: AIR 1959 Punj 232.Rectification. The power to rectify a written document which, as drawn out, does not express the mutual and concurrent intention of the parties, is a power which the Courts of equity always possessed; but such jurisdiction is exercised with the greatest care and caution, and only on evidence of the clearest and most satisfactory description. Rectification has been made in almost every kind of instrument, e.g., in marriage settlements, Cogan v. Duffield, (1876) 2 Ch D 46; in agreements concerning land, Olley v. Fisher, (1886) 34 Ch D 367; in conveyances White v. White, (1872) LR 15 Eq 247; and in leases Cowan v. Truefitt, Ltd., (1899) 2 Ch 309. As to wills, see Vaughan v. Cl...
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...
Award
Award [the primitive sense of ward is shown in the It. Guardare, Fr. regarder, to look. Hence, Prov. Fr. eswarder (answering in form to award), to inspect goods, and, incidentally, to pronounce them good and marketable; eswardenur, an inspector, Hecart. An award is accordingly, in the first place, the taking a matter into consideration and pronouncing judgment upon it; but in later times the designation has been transferred exclusively to the consequent judgment, Wedgw.], a document containing the determination of commissioners, under an Inclosure Act or other public statute; also an instrument embodying an arbitrator's decision on a matter submitted to him. It must follow the submission, but need not necessarily be in writing, unless so prescribed. An award is generally considered as published as soon as the arbitrator has done some act where by he becomes functus officio, and has declared, and can no longer change, his final mind. As soon as the award is executed, notice thereof shou...
Instalment
Instalment, a portion of a debt. When a debt is divided into two or more parts, payable at different times, each part is called an instalment, and the debt is said to be payable by instalments. A provision making the balance of instalments payable on default in payment of one instalment is not a penalty, and there is no objection to it in point of law, Wallingford v. Mutual Society, (1880) 5 App Cas 685. Where, in a county Court, judgment has been obtained for not more than 20l., exclusive of costs, the Court may order payment by instal-ments, (English) County Courts Act, 1934, s. 96, replacing (English) County Courts Act, 1888, s. 105, as amended by s. 18(1) of the (English) County Courts Act, 1919.As to delivery by instalments of goods sold, see s. 31 of the Sale of Goods Act, 1893, by which, 'unless otherwise agreed, the buyer is not bound to accept delivery by instalments'; and see HIRE PUR-CHASE.An instalment due according to the terms of an allotment of shares in a limited compan...
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