Reasonable Diligence - Law Dictionary Search Results

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reasonable diligence

reasonable diligence : due diligence ...

due diligence 1 : such diligence as a reasonable person under the same circumstances would use : use of reasonable but not necessarily exhaustive efforts called also reasonable diligence NOTE: Due diligence is used most often in connection with the performance of a professional or fiduciary duty, or with regard to proceeding with a court action. Due care is used more often in connection with general tort actions. 2 a : the care that a prudent person might be expected to exercise in the examination and evaluation of risks affecting a business transaction b : the process of investigation carried on usually by a disinterested third party (as an accounting or law firm) on behalf of a party contemplating a business transaction (as a corporate acquisition or merger, loan of finances, or esp. purchase of securities) for the purpose of providing information with which to evaluate the advantages and risks involved [the greatest exposure…for failure to conduct adequate due diligence...

Presetment of Bill of Exchange, Cheque, or Pro-missory Note

Presetment of Bill of Exchange, Cheque, or Pro-missory Note, the presenting of a bill by the holder to the drawee for acceptance, or to the acceptor or an indorser for payment of, a cheque to the banker for payment, and of a note to the maker or indorser for payment.The law on this subject is regulated by the (English) Bills of Exchange Act, 1882, as follows:-Presentment of Bill for Acceptance.--Presentment is necessary if the bill be payable after sight or if it be expressly stipulated for by the bill, or if it be drawn payable elsewhere than at the residence or place of business of the drawee, but in no other case (s. 39). When a bill payable after sight is negotiated, the holder must either present or negotiate it within a reasonable time (s. 40).'The presentment must be made by or on behalf of the holder to the drawee or to some person authorized to accept or refuse acceptance on his behalf at a reasonable hour on a business day and before the bill is overdue.' Presentment must be ...

Diligence

Diligence, care, of which there are infinite shades, from the slightest momentary thought to the most vigilant anxiety; but the law recognizes only three degrees of diligence: (1) Common or ordinary, which men in general exert in respect of their own concerns; the standard is necessarily variable with respect to the facts, although it may be uniform with respect to the principle. (2) High or great, which is extraordinary diligence, or that which very prudent persons take of their own concerns. (3) Low or slight, which is that which persons of less than common prudence, or indeed of no prudence at all, take of their own concerns.The Civil Law is in conformity with the Common Law. It lays down three degrees of diligence--ordinary (diligentia), extraordinary (exactissima diligentia), slight (levissima diligentia), Story on Bailments, 19.In Scots law, the term 'diligence' signifies execution. See NEGLIGENCE....

writ

writ [Old English, something written] 1 : a letter that was issued in the name of the English monarch from Anglo-Saxon times to declare his grants, wishes, and commands 2 : an order or mandatory process in writing issued in the name of the sovereign or of a court or judicial officer commanding the person to whom it is directed to perform or refrain from performing a specified act NOTE: The writ was a vital official instrument in the old common law of England. A plaintiff commenced a suit at law by choosing the proper form of action and obtaining a writ appropriate to the remedy sought; its issuance forced the defendant to comply or to appear in court and defend. Writs were also in constant use for financial and political purposes of government. While the writ no longer governs civil pleading and has lost many of its applications, the extraordinary writs esp. of habeas corpus, mandamus, prohibition, and certiorari indicate its historical importance as an instrument of judicial auth...

Fraud

Fraud, a fraud is an act of deliberate deception with the design of securing something by taking unfair advantage of another. It is a deception in order to gain by another's loss. It is a cheating intended to got an advantage, S.P. Chengalvaraya Naidu v. Jagannath, AIR 1994 SC 853 (855): (1994) 1 SCC 1.A term used in a variety of meanings. At Common Law, fraud is actionable under the heading of deceit (q.v.).A knowing misrepresentation of the truth or con-cealment of a material fact to induce another to act to his or her detriment, Black's Law Dictionary, 7th Edn., p. 670.In equity and upon the equitable principles which are now applicable in any Court of law, fraud may be described as an infraction of the rules of fair dealing. For the action at law intention and representation (q.v.) are material. In equity an act or its consequences to the person aggrieved may be of greater importance than the intention of the defendant or any representation made to the plaintiff, and the same may b...

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Reasonable Diligence - Law Dictionary Search Results