Reserve Price - Law Dictionary Search Results
Home Dictionary Name: reserve priceReserve Price
Reserve Price, Indicates the object behind fixing the reserve price viz. to limit the authority of the auctioneer. In the present case, the board resolution is meant to guide the officers of the second respondent. The resolution prescribes the guidelines for fixing the reserve price. The concept of reserve price is not synonymous with valuation of the property. These two terms operate in different spheres. An invitation to tender is not an offer. It is an attempt to ascertain whether an offer can be obtained with a margin, Pollock and Mulla on Indian Contract and Specific Reliefs Acts (2001), 12th Edn., p. 50; see Anil Kr. Srivastava v. State of Uttar Pradesh, (2004) 8 SCC 671....
reserve price
reserve price : a price announced at an auction as the lowest that will be considered ...
reserve
reserve re·served re·serv·ing : to keep back or set apart: as a : to keep (a right, power, or interest) esp. by express declaration [all rights reserved] compare waive b : to defer a determination of (a question of law) [the justices reserved the question because it was not an issue in the case] n 1 : something stored or kept available for future use [an energy company with various unproven oil s] 2 : an act of reserving 3 : money kept in a separate account to meet future liabilities legal reserve : the minimum amount as determined by government standards of the deposits held by a bank or of the assets of a life insurance company required by law to be kept as reserves loss reserve 1 : a reserve allocated by a bank for the purpose of absorbing losses [a loan loss reserve] 2 : an insurance company's reserve representing the discounted value of future payments to be made on losses which may have already occurred policy reserve : an insurance company's reserve r...
Puffer
Puffer, one who attends a sale by auction, to bid on the part of the owner, for the purpose of raising the price and exciting the eagerness of the bidders.The (English) Sale of Land by Auction Act, 1867 (30 & 31 Vict. c. 48), regulates the employments of puffers at an auction for the sale of land, and enacts that all sales of land where a puffer has bid shall be illegal unless a right of bidding on behalf of the owner shall have been reserved; that the conditions of sale shall state whether the sale is to be without reserve, or subject to a reserved price, or whether a right to bid is reserved; that if it be stated that the sale is to be without reserve, a puffer is not to be employed; that if a right to bid be reserved, the seller or one puffer may bid; and that the practice of opening bidding, formerly sanctioned by courts of equity, shall be discontinued. As to sale of goods by auction, see similar provisions, s. 58 of the Sale of Goods Act, 1893, and see AUCTION....
Auction
Auction, signifies generally an increasing, an enhancement, and hence is applied to a public sale of property usually conducted by biddings, which augment the price. A spear used to be raised by the Romans, at the sign of a public auction, Livy, xxiii. 37; Smith's Dict. of Antiq. The Sale of Land by Auction Act, 1867 (30 & 31 Vict. c. 48), by s. 5 enacts that the particulars of sale of land by auction 'shall state whether such land will be sold without reserve, or subject to a reserved price, or whether a right to bid is reserved,' and that 'if it is stated that such land will be sold without reserve, it shall not be lawful for the seller to employ any person to bid at such sale, or for the auctioneer to take knowingly any bidding from any such person.' As to auction without reserve, see Rainbow v. Howkins, 1904 (2) KB 322. See DUTCH AUCTION; KNOCK-OUTS.The auctions (English) (Bidding Agreements) Act, 1927 (17 & 18 Geo. 5, c. 12), was designed to make it illegal for a dealer to give an...
Upset price and value
Upset price and value, in the case of A.U. Natarajan (Dr.) v. Indian Bank, AIR 1981 Mad 141, it has been held that the expressions 'value of a property' and 'upset price' are not synonymous but have different meanings. That the term 'upset price' means lowest selling price or reserve price. That unfortunately in many cases the word 'value' has been used with reference to upset price. That the sale has to commence at the higher price and in the absence of bidders, the price will have to be progressively brought down till it reaches the upset price. That the upset price is fixed to facilitate the conduct of the sale. the fixation of upset price does not preclude the claimant from adducing proof that the land is sold for a low price, Anil Kumar Srivastava v. State of Uttar Pradesh, (2004) 8 SCC 671 (679): AIR 2004 SC 4299. [Contract Act 1872, ss. 2(a), 2(b), 4 and 7]...
Royalty
Royalty, a payment reserved by the grantor of a patent, lease of a mine or similar right, and payable proportionately to the use made of the right by the grantee. It is usually a payment of money, but may be a payment in kind, that is, of part of the produce of the exercise of the right, Jowitt's Dictionary of English Law, 2nd End., p. 1595.In the legal world, is known as the equivalent or translation of jura 'regalia' or 'jura regia'. Royal rights and prerogatives of a sovereign are covered thereunder. In its secondary sense, the word 'royalty' would signify, as in mining leases, that part of the reddendum, variable thought, payable in cash or kind, for rights and privileges obtained, Inderjeet Singh Sial v. Karam Chand Thapar, (1995) 6 SCC 166.Royalty, is not a tax. Simply because the royalty is levied by reference to the quantity of the minerals produced and the impugned cess too is quantified by taking into consideration the same quantity of the mineral produced, the latter does no...
Revendication
Revendication. Upon the sale of goods on credit, by the law of some commercial countries, a right is reserved to the vendor to retake them, or he has a lien upon them for the price, if unpaid: and in other countries he possesses a right of stoppage in transitu (q.v.) only in cases of insolvency of the vendee. The Roman law did not generally consider the transfer of property to be complete by sale and delivery alone without payment or security given for the price, unless the vendor agreed to give a general credit to the purchaser; but it allowed the vendor to reclaim the goods out of the possession of the purchaser, as being still his own property. Quod vendidi (say the Pandects), nobis aliter fit accipienlis, quam si aut pretium nobis solutum sit, aut satis to non datum, vel etiam fidem habuerimus emptori sine ulla satisfactione. The present code of France gives a privilege or right of revendication against the purchaser for the price of goods sold, so long as they remain in possession...
Corn-rent
Corn-rent. A rent paid either in corn, or on a sliding scale in accordance with the price of corn. See Kendall v. baker, (1852) 11 CB 842. It was directed by18 Eliz. C. 6, that one-third of the whole rent then paid on college leases should be reserved in wheat or malt, reserving a quarter of wheat for each 6s. 8d., or a quarter of malt for every 5s.; or that the lessees should pay the same according to the price that wheat or malt should be sold for in the market next to the respective colleges; but this Act, though specially saved by s. 7 of the (English) Ecclesiastical Leases Act, 1800 (39 & 40 Geo. 3, c. 41), was repealed by the (English) Universities and College Estates Act, 1925....
Limitation of actions and prosecutions
Limitation of actions and prosecutions. By various statutes, of which the first was 21 Jac. 1, c. 16, the (English) Limitation Act, 1623, and the principal succeeding ones, the Real Property Limitation Act, 1833 (3 & 4 Will. 4, c. 42), the (English) Civil Procedure Act (3 & 4 Will. 4, c. 27) [see Read v. Price, (1909) 2 KB 724], and 37 & 38 Vict. c. 57, the (English) Real Property Limitation Act, 1874, certain periods are fixed within which, upon the principle Interest reipublic' ut sit finis litium, particular actions must be brought or proceedings taken.In the case of simple contract the remedy on the contract is barred, leaving the creditor free to enforce his claims by other means which may be still available, such as enforcing a lien, subsequent acknowledgment by the debtor or appropriation of payments, but not by way of set-off (9 Geo. 4, c. 14, s. 3). In regard to land, the right to it is destroyed after the statutory period and neither re-entry nor acknowledgment after the laps...
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