Sale Or Return - Law Dictionary Search Results
Home Dictionary Name: sale or return Page: 2Hire-purchase system
Hire-purchase system. A system whereby the owner of goods lets them on hire for periodic payments by the hirer upon an agreement that when a certain number of payments have been completed, the absolute property in the goods will pass to the hirer, but so that the hirer may return the goods at any time without any obligation to pay any balance of rent accruing after return, until the conditions have been fulfilled, the property remains in the owner. The instrument by which the hire-purchase is effected does not ordinarily require registration under the Bills of Sale Acts [Ex parte Crawcour, (1878) 9 Ch D 419]; and the hirer is 'reputed owner' within the Bankruptcy Act [Ex parte Brooks, (1993) 23 Ch D 261]; but the hirer does not 'agree to buy' within the Factors Act or Sale of Goods Act so as to be able to sell or pledge the goods as if he were a 'mercantile agent', Helby v. Matthews, 1895 AC 471; Brooks v. Biernstein, (1909) 1 KB 98. Distinguish from agreements such as in Lee v. Butler...
Corn Returns
Corn Returns. By the (English) Corn Returns Act, 1882 (45 & 46 Vict. c. 37), consolidating with amendments 5 & 6 Vict. c. 14, and 27 & 28 Vict. c. 87, certain towns as named by Order in Council from time to time and being not less that 150 nor more than 200 in number, supply through 'inspectors of corn returns' weekly returns of the purchases of British corn made in such towns. The inspectors make up these returns from the dealers and corn factors, etc., who are bound by s.11 of the Act to supply particulars under a penalty not exceeding 20l. Average are computed by the Board of Trade from the weekly returns, and published in the London Gazette. The (English) Corn Sales Act, 1921, ss. 2, 4, makes a minor amendment to the Act of 1882....
Warranty
Warranty, a guarantee or security; formerly a promise or covenant by deed by the bargainer, for himself and his heirs, to warrant and secure the bargainee and his heirs against all persons for the enjoying of the thing granted accompanied by a promise, express or implied, that if eviction should take place, the warrantor would substitute an equivalent estate in its place-see Co. Litt. 365 a. In that form it has been superseded in practice by 3 & 4 Wm. 4, cc. 27 (s. 39) and 74 (s. 14). See RECOVERY.More generally, a warranty is any agreement either accompanying a transfer of property, or collateral to the contract for such transfer, see Lawrence v. Cassell, (1930) 2 KB 83, and Miller v. Cannon Hill Estates Ltd., (1931) 2 KB 113, or to any other agreement or transaction, and in so far as it is a contract a warranty does not differ from any other contractual promise. A warranty may be express or implied by law or statute.For instances of implied warranties, see that title, CAVEAT EMPTOR, ...
net sales
net sales Total sales of a business minus discounts, returns and pricing adjustments ...
exchange
exchange 1 a : a giving of something of value (as real property) in return for something of equal value (as money or property of a like kind) b in the civil law of Louisiana : a giving of something of value in return for something of equal value except money compare sale 2 : an organized market or center for trading in securities or commodities ...
redhibition
redhibition [French rédhibition, from Latin redhibitio return of defective goods to the seller, from redhibēre to return (defective goods), from red- back + habēre to hold, have] in the civil law of Louisiana : the rescission of the sale of or a reduction in the purchase price of a thing that has a redhibitory defect ;also : the action for such a rescission or reduction ...
Stolen goods
Stolen goods. As to restitution, see (English) Larceny Act, 1916 (6 & 7 Geo. 5, c. 50), s. 45, and Arch Cr. Pr., 1934, pp. 293 et seq.Where goods have been stolen and the offender is prosecuted to conviction, the property in the goods so stolen revests in the person who was the owner of the goods or his personal representative, notwithstanding any intermediate dealing with them, whether by selling in market overt (see that title) or otherwise; but if obtained by fraud, etc., not amounting to larceny, aliter, Sale of Goods Act, 1893, s. 24. S. 102, Larceny Act, 1861, prohibits advertising a reward for the return of any property either lost or stolen and intimating that no questions will be asked without apprehension of the person returning the property, under a penalty of 50l.As to the crime of 'receiving' goods knowing them to have been stolen, see RECEIVER OF STOLEN PROPERTY....
Tax payable
Tax payable, means tax payable under this Act on sales or purchase effected by a dealer or casual dealer but does not include tax due as defined in clause (46). [West Bengal Value Added Tax Act, 2003, s. 2(49)]Means the full amount of tax which becomes due when assessed on the basis of the information regarding turnover and taxable turnover furnished or shown in the return, J.K. Synthetices Ltd. v. Commercial Taxes Officer, AIR 1994 SC 2393. (See also Rajasthan Sales Tax Act, 1954, s. 1113)The tax payable is the amount for which a demand notice is issued under s. 156. In determining the tax payable, the tax already paid has to be deducted. Hence, there can be no doubt that the expression 'the amount of the tax, if any, payable by him' referred to in the first part of s. 271(1)(a)(i), refers to the tax payable under a demand notice. Considering the words 'the tax' found in the latter part of that provision. It may be noted that the expression used is not 'tax' but the 'the tax'. The def...
Redhibition
The annulling of a sale and the return by the buyer of the article sold on account of some defect...
viatical settlement
viatical settlement [probably from Latin viaticum provision for a journey] : an agreement by which the owner of a life insurance policy covering a person (as the owner) with a catastrophic or life-threatening illness receives compensation for less than the expected death benefit of the policy in return for an assignment, transfer, sale, devise, or bequest of the death benefit or ownership of the policy to the other party (as a company specializing in such transactions) ...
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