Mutual Debts - Law Dictionary Search Results
Home Dictionary Name: mutual debts Page: 2 Page 2 of about 14 results (0.004 seconds)Exchange
Exchange, a contract of sale denotes a transfer of property in goods by mutual consent. Such a transfer of ownership must be in relation to transfer from one person to another. The consideration would be a price in the form of money. Only when the consideration for transfer consists of other goods it may be an exchange or barter, Dhampur Sugar Mills Ltd. v. Commissioner of Trade Tax, (2006) 5 SCC 624: (2006) 11 JT 111: (2006) 5 SCALE 595: (2006) 5 Supreme 73: (2006) 4 SLT 189: (2006) 7 SCJ 60: (2006) 6 SCJD 106: (2006) 147 STC 57.Exchange, often contracted into change, a building or other place in considerable trading cities, where merchants, agents, bankers, brokers, and other persons concerned in commerce, meet at certain times to confer and treat together of matters relating to exchanges, remittances, payments, adventures, assurances, freights, and other mercantile negotiations, both by sea and land.Also used to designate that species of mercantile transactions by which the debts of...
Court-leet
Court-leet. [Coke says leet is a Saxon word, and comes from the verb gelathian, or gelethian (g being added euphoni' gratia), i.e., convenire, to assemble together, unde conventus, 4 Inst. 261. For other opinions as to the derivation of the word, see Lex Man. 131; Ritson on Courts-leet; and Scriv. On Copyholds.] This court is expressly kept up by s. 40 of the Sheriffs Act, 1887, though for all but formal purposes it has long since fallen into desuetude, and there is still an annual Court-leet of the Manor and Liberty of Savoy which meets at St. Clement Danes Vestry Hall, the High Steward of the Manor presiding, a jury being empannelled one month aftr Easter and serving for a year from that date, the court being held 'for the purpose of preventing small offences in the nature of a common nuisance,' and still having 'power to impose fines for certain offenes, such the stopping up of ways': Solicitor's Journal,Vol. 49, p. 493.The Court-leet is a court of record appointed to be held once 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...
Insurance
Insurance, see, Income-tax Act, 1961 (43 of 1961), s. 80C, Expl. 1.Insurance, the act of providing against a possible loss, by entering into a contract with one who is willing to give assurance, that is, to bind himself to make good such loss should it occur. In this contract, the chances of benefit are equal to the insured and the insurer. The first actually pays a certain sum, and the latter undertakes to pay a larger, if an accident should happen. The one renders his property secure; the other receives money with the probability that it is clear gain. The instrument by which the contract is made is called a policy; the stipulated consideration, a premium. As to what is known as a coupon policy, i.e., a coupon cut out of a diary, etc., see General Accident, etc., Assce. Corpn. v. Robertson, 1909 AC 404.Insurable Interest must be possessed by the person taking out a policy; he must be so circumstanced as to have benefit from the existence of the person or thing insured, and some preju...
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