Ordinary Loss - Law Dictionary Search Results
Home Dictionary Name: ordinary loss Page 1 of about 23 results ( seconds)ordinary loss
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loss
loss 1 : physical, emotional, or esp. economic harm or damage sustained: as a : decrease in value, capital, or amount compare gain b : an amount by which the cost of something (as goods or services) exceeds the selling price compare profit c : something unintentionally destroyed or placed beyond recovery d : the amount of an insured's financial detriment due to the occurrence of a stipulated event (as death, injury, destruction, or damage) in such a manner as to create liability in the insurer under the terms of the policy NOTE: As a general rule, economic losses are deductible from adjusted gross income under section 165 of the Internal Revenue Code. There are, however, numerous exceptions and limitations. actual loss : the identifiable and calculable monetary detriment that is suffered or will be suffered as a result of an act or event actual total loss : a loss in marine insurance in which the property (as a vessel or cargo) cannot be repaired or recovered compare constru...
Hire
Hire [locatio, conductio, Lat.], a bailment for a reward or compensation. It is divisible into four sorts:-(1) The hiring of a thing for use (locatio rei). (2) The hiring of work and labour (locatio operis faciendi). (3) The hiring of care and services to be performed or bestowed on the thing delivered (locatio custodi'). (4) The hiring of the carriage of goods (locatio operis mercium vehendarum) from one place to another. The three last are but sub-divisions of the general head of hire of labour and services.The rights, duties, and obligations of the parties resulting from the contract of bailment for hire may be thus stated:-(I.) Hire of things. The letting to hire implies an obligation to deliver the thing to the hirer; to refrain from every obstruction to the use of it by the hirer during the period of the bailment; to do no act that shall deprive the hirer of the thing; to warrant the title and right of possession to the hirer, in order to enable him to use the thing, or to perfor...
Casualty Pot
Casualty Pot : a step in calculating tax liability under Internal Revenue Code section 1231 in which qualified casualty gains and losses are added together to determine if the result is a net loss or net gain compare main pot NOTE: Property that qualifies for inclusion in the Casualty Pot consists of casualties of depreciable and real property used in a trade or business for more than one year and capital assets held for more than one year in connection with a trade or business or transaction made for profit. If the net result of the calculation is a loss, then the ordinary rules for gains and losses apply to the casualties. If the net result is a gain, the entire amount passes into the Main Pot. ...
Direct loss and or expense
Direct loss and or expense, in JCT forms means that which arises naturally and in the ordinary course of things, F.G. Minter Ltd. v. Welsh Health Technical Services Organisation, (1980) 13 BLR I, CA....
Negligence
Negligence, acting carelessly, a question of law or fact or of mixed fact and law, depending entirely upon the nature of a duty, which the person charged with negligence has failed to comply with or perform in the particular circumstance of each case. A very convenient classification has been formulated corresponding to the degree of negligence entailing liability measured by the degree of care undertaken or required in each case, i.e., (1) ordinary, which is the want of ordinary diligence; (2) slight, the want of great diligence; and (3) gross, the want of slight diligence. A smaller degree of negligence will render a person liable for injury to infants than in the case of adults, see Cooke v. Midland Great Western Railway, 1909 AC 229; and Glasgow Corporation v. Taylor, (1922) 1 AC 44. There is also a peculiar duty to take precaution in the case of dangerous Articles, see Dominion Natural Gas Co. v. Collins, 1909 AC 640. This case should be distinguished from the principle in Fletche...
gain
gain 1 : an increase in value, capital, or amount compare loss capital gain : a gain realized on the sale or exchange of a capital asset (as a stock or real estate) ca·su·al·ty gain : a gain realized by an insured because property insurance benefits paid for a loss from a casualty or theft are greater than the adjusted value of the insured asset long-term capital gain : a capital gain realized on the sale or exchange of an asset held for more than a specified period (as a year) ordinary gain : a gain from the exchange or sale of an asset that is not capital short-term capital gain : a capital gain realized on the sale or exchange of an asset held for less than a specified period (as a year) that is treated as ordinary income under federal income tax laws 2 pl in the civil law of Louisiana : a class of community property that reflects the increase in property value contributed by the common skill or labor of the spouses gain vb ...
Reserve and provision
Reserve and provision, the expression 'reserve' has not been defined in the Act and therefore one would be inclined to resort to its ordinary natural meaning as given in the dictionary but it seems to us that the dictionary meaning, though useful in itself, may not be sufficient, for, the dictionaries do not make any distinction between the two concepts 'reserve' and 'provision' which giving their primary meanings, whereas in the context of the legislation with which we are concerned in the case a clear distinction between the two is implied. According to the dictionaries (both Oxford and Webster) the applicable primary meaning of the word 'reserve' is: 'to keep for future use or enjoyment; to set apart for some propose or end in view; to keep in store for future or special use; to keep in reserve', while 'provision' according to Webster means: 'something provided for future'. In other words according to the dictionary meanings both the words are more or less synonymous and connote the...
Collision of ships
Collision of ships, the striking or running foul of one ship against another. The remedy is either an action at law or a suit in the Admiralty Division. The possibilities under which a collision may occur, and the rules acted on by the Court of Admiralty, have been thus stated by Lord Stowell in The Woodrop-Sims, (1815) 2 Dodson, 85:-'In the first place, it may happen without blame being imputable to either party: as where the loss is occasioned by a storm or any other vis major, in that case the misfortune must be borne by the party on whom it happens to light, the other not being responsible to him in any degree. Secondly, a misfortune of this kind may arise where both parties are to blame, where there has been a want of due diligence or of skill on both sides: in such a case, the rule of law is, that the loss must be apportioned between them, as having been occasioned by the fault of both of them. Thirdly, it may happen by the misconduct of the suffering party only, and then the rul...
Partnership
Partnership, the relation which subsists between persons carrying on a business with a view to profit--so defined by s. 1, sub-s. 1, of the (English) Partnership Act, 1890 (53 & 54 Vict. c. 39), a codifying Act of fifty s.s, 'to declare and amend the law of partnership,' which, in effect, transfers the law of the subject from the region of reported cases to that of the statute; Bovill's Act' (see that title) of 1865 (28 & 29 Vict. c. 86), and a small part of the (English) Mercantile Law Amendment Act of 1856, being the only previous statutory enactments on the subject.Rules, which, however, subject to any agreement express or implied between the partners, are laid down by s. 24 for determining the interest of partners in the partnership property and their rights and duties in relation to the partnership. They provide, amongst other things, for equal shares in profits and equal contributions to losses; for indemnification of every partner by the firm in respect of payments properly made...
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