Restraint Of Trade - Law Dictionary Search Results
restraint of trade
restraint of trade 1 : an act, fact, or means of curbing the free flow of commerce or trade [covenant not to compete with an employer after leaving is in restraint of trade and must be reasonable to be enforced] 2 : an attempt or intent to eliminate or stifle competition, to effect a monopoly, to maintain prices artificially, or otherwise to hamper or obstruct the course of trade and commerce as it would be if left to the control of natural and economic forces [the Sherman Antitrust Act declared every contract, combination, and conspiracy in restraint of trade to be illegal] ;also : the means (as a contract or combination) employed in such an endeavor see also horizontal restraint, per se rule, rule of reason, vertical restraint Sherman Antitrust Act in the Important Laws section ...
Restraint of trade
Restraint of trade. Contracts in general restraint of trade--that is, that a party shall not carry on a particular trade at all--are void on the ground of public policy, Mitchel v. Reynolds, (1711) 1 P Wms 181; 1 Sm LC, but contracts in partial restraint of trade--that is, where the restraint does not extend further than is necessary for the reasonable protection of the party for whose protection it has been agreed to--are good, if made, although by deed, for some consideration, and if not injurious to the public interests of this country. See the Nordenfelt case,1894 AC 535, in which it is recognised that the law of this subject has been gradually growing in liberality, Attwood v. Lamont, (1920) 3 KB 571; Dewas v. Fitch, (1921) 2 AC 158; and consult Leake or Chitty on Contracts.An agreement between or combination of businesses intended to eliminate competition, create a mono-poly, artificially raise prices, or otherwise ad-versely affect free market, Black's Law Dictionary, 7th Edn....
combination in restraint of trade
combination in restraint of trade :any monopoly or attempt at monopoly or any contract, combination, or conspiracy intended to restrain trade or commerce that violates the anti-trust laws see also Sherman Antitrust Act in the Important Laws section ...
Trade Union
Trade Union. The Acts 30 & 31 Vict. cc. 8, 74, provided for facilitating the proceedings of a commission appointed by Queen Victoria to inquire into and report on the organization and rules of trade unions, and other associations of employers and workmen. The (English) Trade Union Act, 1871 (34 & 35 Vict. c. 31), provides:-S. 2. 'The purposes of any trade union shall not, by reason merely that they are in restraint of trade, be deemed to be unlawful, so as to render any member of such trade union liable to criminal prosecution for conspiracy or otherwise.'S. 3. 'The purposes of any trade union shall not, by reason merely that they are in restraint of trade, be unlawful so as to render void or voidable any agreement or trust.'S. 4. 'Nothing in this Act shall enable any court to entertain any legal proceeding instituted with the object of directly enforcing or recovering damages for breach of any of the following agreements, namely,(1) Any agreement between members of a trade union as su...
Trade
Trade [fr. trutta, Ital.], traffic; intercourse; commerce; exchange of goods for other goods, or for money.The business of buying and selling or bartering goods or services, Black's Law Dictionary, 7th Edn., p. 1500.As to contracts in restraint of trade, see RESTRAINT OF TRADE.A 'trade association' means an association of tradesmen, businessmen or manufacturers for the protection and advancement of their common interest, State of Gujarat v. Mahesh Kumar Dhirajlal Thakkar, AIR 1980 SC 1167: (1980) 2 SCC 322.It means any trade, business, industry, profession or occupation relating to the production, supply, distribution or control of goods and includes the provision of any services. [Monopolies and restrictive Trade Practices Act, 1969 (54 of 1969), s. 2 (s)]Means any trade, business, industry, profession or occupation relating to the production, supply, distribution, storage or control of goods and includes the provision of any services. [Competition Act, 2002 (12 of 2003), s. 2(x)]The ...
Goodwill
Goodwill, may be the whole advantage belonging to the firm, its reputation as also connection thereof. It, thus, means that every affirmative advantage as contrasted with negative advantage that has been acquired in carrying on the business whether connected with the premises of business or its name or style, everything connected with or carrying the benefit of the business, Ramnik Vallabhdas Madhwani v. Taraben Pravinlal Madhwani, (2004) 1 SCC 407: AIR 2004 SC 1084 (Partnership Act, 1932, s. 55).A business's reputation, patronage, and other intan-gible assets that are considered when apprising the business, esp. for purchase; The ability to earn income in excess of the an come that would be expected from the business veined as a mere collec-tion of assets, Black's Law Dictionary, 7th Edn., p. 703.The advantage or benefit which is acquired by a business, beyond the mere value of the capital, stock, funds, or property employed therein, incon-sequence of the general public patronage and ...
Rules of reason
Rules of reason, the 'rule of reason' normally requires an ascertainment of the facts or features peculiar to the particular business; its condition before and after the restraint was imposed; the nature of the restraint and its effect, actual or probable; the history of the restraint and the evil believed to exist, the reason for adopting the particular restraint and the purpose or end sought to be attained and it is only on a consideration of these factors that it can be decided whether a particular act, contract or agreement, imposing the restraint is unduly restrictive of competition so as to constitute 'restraint of trade', Mahindra and Mahindra Ltd. v. Union of India, AIR 1979 SC 798: (1979) 2 SCC 529: (1979) 2 SCR 1038....
Illegal contract
Illegal contract, an agreement to do any act forbidden either (1) by the Common Law, such as agreements to commit a crime or tort, or as for rent of lodging let for prostitution, Jennings v. Brown, (1842) 9 M&W 496; or for price of indecent picture, Fores v. Johnes. (1802) 4 Esp 97; or in prejudice to the administration of justice, Windhill Local Board v. Vint, (1890) 45 Ch D 351; or (2) by statute, as by hire of a room for a lecture in contravention of the Blasphemy Act, Cowam v. Milbourn, (1867) LR 2 Ex 230; but see Re Bowman, (1915) 2 Ch 447, or a contract by a servant of a local authority with such authority, in contravention of s. 193 of the (English) Public Health Act, 1875; also contracts in unreasonable restraint of trade; general restraint of marriage; trading with the enemy; compounding felonies; maintenance or champerty, etc. A breach of promise of marriage by a married man pending divorce after decree nisi may be actionable, Fender v. Mildmay, (1937) 53 TLR 885. Illegality ...
horizontal restraint
horizontal restraint : a restraint of trade involving an agreement among competitors at the same distribution level for the purpose of minimizing competition ...
vertical restraint
vertical restraint : a restraint of trade involving parties (as manufacturers and wholesalers) at different levels of a market structure ...
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