Mutual Credit - Law Dictionary Search Results
Home Dictionary Name: mutual creditMutual 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 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....
Lex loci contractus
Lex loci contractus (the law of the place of the contract). Generally speaking, the validity of a contract is decided by the law of the place where it was made. If valid there, it is, by the general law of nations (jure gentium), held valid everywhere, by the tacit or implied consent of the parties. the rule is founded not merely in the convenience, but in the necessities of nations; for otherwise it would be impracticable for them to carry on an extensive intercourse and commerce with each other. the whole system of agencies, of purchases and sales, of mutual credits, and of transfers of negotiable instruments, rests on this foundation; and the nation which should refuse to acknowledge the common principles would soon find its whole commercial intercourse reduced to a state like that in which it now exists among savage tribes.The same rule applies to the invalidity of contracts; if void or illegal by the law of the place of the contract, they are generally held void and illegal everyw...
deposit
deposit 1 : to place for safekeeping or as security [may the property with the court] ;esp : to put in a bank account 2 in the civil law of Louisiana : to place (movable property) under a deposit [the depository can not make use of the thing ed "Louisiana Civil Code"] de·pos·i·tor [di-pÄ -zə-tər] n n 1 : the state of being deposited (as in an account) [holding the property on ] compare escrow, trust 2 : something placed for safekeeping: as a : money deposited in a bank esp. to one's credit demand deposit : a bank deposit that can be withdrawn without prior notice general deposit : a deposit of money in a bank that is to the credit of the depositor thereby giving the depositor the right to money and creating a debtor-creditor relationship special deposit : a deposit that is made for a specific purpose, that is to be returned to the depositor, and that creates a bailment or trust time deposit : a bank deposit that can be withdrawn only after 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...
Contract
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...
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...
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