Seller - Law Dictionary Search Results
Home Dictionary Name: seller Page: 3breach
breach 1 a : a violation in the performance of or a failure to perform an obligation created by a promise, duty, or law without excuse or justification breach of duty : a breach of a duty esp. by a fiduciary (as an agent or corporate officer) in carrying out the functions of his or her position breach of trust : a breach by a trustee of the terms of a trust (as by stealing from or carelessly mishandling the funds) breach of warranty : a breach by a seller of the terms of a warranty (as by the failure of the goods to conform to the seller's description or by a defect in title) NOTE: A seller may be liable for a breach of warranty even without any negligence or misconduct. b : failure without excuse or justification to fulfill one's obligations under a contract called also breach of contract compare repudiation an·tic·i·pa·to·ry breach : a breach of contract that occurs as a result of a party's anticipatory repudiation of the contract ef·fi·c...
Earnest
Earnest [fr. eornest, Sax.], the sum paid by the buyer of goods in order to bind the seller to the terms of the agreement. It is enacted by the 4th s. of the Sale of Goods Act, 1893, re-enacting, but not quite in the same words, the 17th section of the Statute of Frauds, 29 Car. 2, c. 3, that 'a contract for the sale of any goods, for the price of 10l. or upwards, shall not be enforceable by action, unless the buyer accept part of the goods or give something in earnest to bind the contract, or in part payment,' or some note in writing of the bargain be made and signed by the parties to be charged or their agents.As to what amount is sufficient earnest, Blackstone lays it down (Bk. II. p. 447) that 'if any part of the price is paid down, if it be but a penny, or any portion of the goods is delivered by way of earnest,' it is binding. To constitute earnest the thing must be given as a token of ratification of the contract, and it should be expressly stated so by the giver.The following p...
Valuation
Valuation, is a process which does not end on marks being awarded by an examiner, Sanjay Singh v. U.P. Public Service Commission, (2007) 3 SCC 720.Means the act or process of valuing, Jensen v. Jensen, 458 NW 2d 391 (1990).This term is generally applied to the equivalent in money of any kind of property. Thus for the payment of estate duty, a valuation of property of all kinds has to be made. Perhaps the most important and the most difficult valuation is that of land. This has almost invariably to be undertaken whenever land is compulsorily acquired. The difficulties that surround this question were fully considered in the case of Re Lucas and Chesterfield Gas and Water Board, (1909) 1 KB 16, in which Lord Justice Moulton in the course of his judgment said (at p. 29):-'The principles upon which compensation is assessed when land is taken under compulsory powers are well-settled. The owner receives for the lands he gives up their equivalent-that is, that which they are worth to him in m...
Unfair trade practice
Unfair trade practice, means a trade practice which, for the purpose of promoting the sale, use or supply any goods or for the provision of any service, adopts any unfair method or unfair or deceptive practice. [Consumer Protection Act, 1986 (68 of 1986), s. 2(r)]Section 36A of the Monopolies and Restrictive Trade Practice Act, 1969 defines 'Unfair Trade Practice': In this part, unless the context otherwise requires, 'unfair trade practice' means a trade practice which, for the purpose of promoting the sale, use or supply of any goods or for the provision of any services, adopts one or more of the following practices and thereby causes loss or injury to the consumers of such goods or services, whether by eliminating or restricting competition or otherwise, namely: (1) The practice of making any statement, whether orally or in writing or by visible representation which falsely represents that the goods are of a particular standard, quality, grade, composition, style or model; represents...
Turnover of sales
Turnover of sales, in relation to any period, means the aggregate of the sale prices or parts of sale-prices received or receivable by a dealer in respect of sales of goods made during such period after deducting therefrom the amounts, if any, refunded by the dealer in respect of any such goods returned or rejected by the purchaser within three months from date of delivery of such goods. [West Bengal Value Added Tax Act, 2003, s. 2(55)]Means the aggregate of the amounts of sale price received and receivable by a dealer in respect of any sale of goods made during a given period after deducting the amount of sale price, if any, refunded by the dealer to purchaser, in respect of any goods purchased and returned by the purchaser within the prescribed period. [Gujarat Value Added Tax Act, 2003, s. 2(33)]Means the aggregate of the amounts of sale price received and receivable by a dealer in respect of any sale of goods made during a given period after deducing the amount of:(a) sale price, i...
Sale or return
Sale or return. By s. 18, Rule 4, of the Sale of Goods Act, 1893, supra:-When goods are delivered to the buyer on approval or 'on sale or return' or other similar terms [e.g., on trial: Elphick v. Barnes, (1880) 5 CPD 326] the property therein passes to the buyer:-(a) When he signifies his approval or acceptance to the seller or does any other act adopting the trans-action:As to the meaning of adopting the transaction, see London Jewellers Ltd. v. Atten-borough, (1934) 2 KB 206.(b) If he does not signify his approval or acceptance to the seller but retains the goods without giving notice of rejection, then, if a time has been fixed for the return of the goods, on the expiration of such time, and, if no time has been fixed, on the expiration of a reasonable time. what is a reasonable time is a question of fact....
Perished goods
Perished goods. 'Where there is a contract for the sale of specific goods and the goods without the knowledge of the seller have perished at the time when the contract is made, the contract is void,' and 'where there is an agreement to sell specific goods and subsequently the goods, without any fault on the part of the seller or buyer, perish before the risk passes to the buyer, the agreement is thereby avoided.'-Sale of Goods Act, 1893, ss. 6, 7. See IMPOSSIBILITY....
Nemo dat qui non habet
Nemo dat qui non habet. Jenk. Cent. 250, (He who hath not cannot give.)--(No one can give that which he has not. In other words, No one can give a better title than he has). Consult Broom's Leg. Max. In application of this maxim, it is enacted by the (English) Sale of Goods Act, 1893, s. 21 (1), that 'where goods are sold by a person who is not the owner thereof, and who does not sell them with the authority or with the consent of the owner, the buyer acquires no better title to the goods than the seller had, unless the owner of the goods is by his conduct precluded from denying the seller's authority to sell.'...
Monger
Monger [fr. mangian, Sax., to trade], a dealer or seller. It is seldom or never used alone, or otherwise than after the name of any commodity, to express a seller of such commodity. Also, a little fishing vessel, 13 Eliz. c. 11....
Laesio enormis
Laesio enormis, means 'loss beyond half or great', (1) The sale of a thing for which the buyer paid less than half of its real value. The seller could rescind the sale, but the buyer could keep the item purchased by paying the full value. (2) The principle by which a seller may rescind a contract if a sale yields less than half the true value of the thing sold. Also termed lesion, Black's Law Dictionary, 7th Edn., p. 880....
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