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...
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]...
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...
Reserve Forces
Reserve Forces. 1. Army.--The (English) Reserve Forces Act, 1882 (45 & 46 Vict. c. 48), repealing and consolidating the prior Acts on the subject, established an 'Army Reserve' and a 'Militia Reserve.' The 'Army Reserve' consists of time-expired regular soldiers who are on its strength by reason of the terms of their enlistment or by re-engagement. As to the present character of the Militia, see that title. The Reserve is further strengthened by the Territorial Army Reserve, consisting of a reserve division, and also by a body composed of owners of motor cars who are liable to military service in an emergency, and the Act has been applied to an Air Force Reserve and Auxiliary Air Force Reserve under 7 & 8 Geo. 5, c. 51, and 14 & 15 Geo. 5, c. 15, and S.R. & O. 1924 (Nos. 1212 and 1213) and 1934 (No. 592). By 11 & 12 Geo. 5, c. 37, the 'Territorial Force' which was provided for in the Territorial and Reserve Forces Act, 1907 (7 Edw. 7, c. 9), became the 'Territorial Army,' and the speci...
Reserve
Reserve, the term 'reserve' is not defined in the Act. The dictionary meaning of the word 'Reserve' is: To keep for future use or enjoyment; to store up for some time or occasion; to refrain from using or enjoying at once. To keep back or hold over to a later time or place or for further treatment. To set apart for some purpose or with some end in view; to keep for some use. To retain or preserve for certain purposes.' (Oxford Dictionary). In Webster's New International Dictionary, Second Edition, page 2118, 'Reserve' is defined as follows:To keep in store for future or special use; to keep in reserve; to retain, to keep, as for oneself. To keep back; to retain or hold over to a future time or place. To preserve, Commissioner of Income Tax v. Century Spinning and Manufacturing Co., AIR 1953 SC 501: (1954) SCR 203.(ii) As to what the word 'Reserves' as used in the Business Profits Tax Act connotes, was considered by this Court in Commissioner of Income-tax v. Century Spinning & Manufact...
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...
Reserve Bank
Reserve Bank, means the Reserve Bank constituted under s. 3 of the Reserve Bank of India Act, 1934. [See Reserve Bank of India Act, 1934, s. 3]Means the Reserve Bank of India constituted under sub-section (1) of section 3 of the Reserve Bank of India Act, 1934 (2 of 1934). [Madhya Pradesh Rajkoshiya Uttardayitva Avam Budget Praobandhan Adhiniyam, 2005, R. 2(h)]Means the Reserve Bank of India constituted under sub-s. (1) of s. 3 of the Act, 1934 (Act No. 2 of 1934), Rajasthan Agricultural Produce Market Act, 2005, s. 2(1).Means the Reserve Bank of India constituted under s. 3 of the Reserve Bank of India Act, 1934 (2 of 1934), the Special Economic Zones Act, 2005, s. 2(x)....
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