Vertical Agreement - Law Dictionary Search Results
Home Dictionary Name: vertical agreementvertical agreement
vertical agreement : an agreement among economic competitors on different levels of production or distribution that affects competition compare horizontal agreement NOTE: Unlike horizontal agreements, vertical agreements are not considered illegal per se under antitrust laws, but they must withstand judicial scrutiny to be held valid. ...
horizontal agreement
horizontal agreement : an agreement among economic competitors on the same level of production or distribution compare vertical agreement NOTE: Horizontal agreements are generally considered illegal as violating antitrust laws. ...
vertical price-fixing
vertical price-fixing : an illegal arrangement in which parties at different levels of a system of production and distribution act to fix the market price of goods ;esp : resale price maintenance compare horizontal price-fixing NOTE: Vertical price-fixing is a per se violation of antitrust laws. ...
vertical privity
vertical privity 1 : privity between one who acquires property burdened with a restrictive covenant and those who executed the covenant [require vertical privity for a restrictive covenant to run with the land] 2 : privity between parties (as a manufacturer and retailer) who occupy adjoining levels in a system of product distribution ...
vertical restraint
vertical restraint : a restraint of trade involving parties (as manufacturers and wholesalers) at different levels of a market structure ...
contract
contract [Latin contractus from contrahere to draw together, enter into (a relationship or agreement), from com- with, together + trahere to draw] 1 : an agreement between two or more parties that creates in each party a duty to do or not do something and a right to performance of the other's duty or a remedy for the breach of the other's duty ;also : a document embodying such an agreement see also accept, bargain, breach, cause, consent, consideration, duty, meeting of the minds, obligation, offer, performance, promise, rescind, social contract, subcontract Uniform Commercial Code in the Important Laws section NOTE: Contracts must be made by parties with the necessary capacity (as age or mental soundness) and must have a lawful, not criminal, object. Except in Louisiana, a valid contract also requires consideration, mutuality of obligations, and a meeting of the minds. In Louisiana, a valid contract requires the consent of the parties and a cause for the contract in addition to c...
Contract
Contract, an agreement between competent parties, to do or to abstain from doing some act. For numerous other definitions, see Chalmers's Sale of Goods Act, App. II., where it is said that the 'disposition of the best modern writers appears to be to define ' contract ' as an agreement enforce-able at law,' but contended that this definition seems rather too narrow.Every contract is founded upon the mutual agree-ment of the parties; the other essentials are legality, capacity (depending on age, mental ability, sex and status) a mutual identity of consent (consensus ad idem), and form. When an agreement is stated either verbally or in writing it is usually called an express contract; when the agreement is matter of inference and deduction, it is called n implied contract. (See IMPLIED CONTRACT.)Contract, which provides that the price includes the cost of the goods, the freight and the insurance premium for the transit, Halsbury's Laws of England, Vol. 3(1), para 253, p. 210.Contracts may...
Contract for sale of land
Contract for sale of land. The incidents of a contract for sale of land re regulated partly by statute and partly by the practice of conveyancers. A contract for sale of land must be in writing, (English) L.P. Act, 1925, s. 40. See FRAUDS, STATUTE OF. If the contract is a simple, unconditional, or open contract for sale of land, it is implied that the vendor is to make a good title to the land for an estate in fee simple free from incumbrances, Hughes v. Parker, 8 M & W 344. He is under an obligation to show a good title (in ordinary circumstances for the thirty years preceding the date of contract, see ABSTRACT), and to prove that title by sufficient evidence. the expenses of showing the title, i.e., the abstract, falls on the vendor and so also the expenses of production of material documents in his possession or in that of his trustees an mortgagees. The expenses of production for verification of those which are not in such possession are to be borne by the purchaser, (English) L.P....
Contract for work or service contract for sale of goods
Contract for work or service contract for sale of goods, the primary difference between a 'contract for work or service' and a 'contract for sale of goods' is that in the former there is in the person performing work or rendering service no property in the thing produced as a whole notwithstanding that a part or even the whole of the materials used by him may have been his property. In the case of a contract for sale, the thing produced as a whole has individual existence as the sole property of the party who produced it, at some time before delivery, and the property therein passes only under the contract relating thereto in goods used in the performance of the contract is not sufficient: to constitute a sale there must be an agreement express or implied relating to the sale of goods and completion of the agreement by passing of title in the very goods contracted to be sold. C.S.T. v. Purshottam Premji, (1970) 2 SCC 287 (290)...
Hire purchase agreement and contract for sale
Hire purchase agreement and contract for sale, a contract of hire-purchase is properly speaking a contract of hire by which the hirer is granted an option to buy but is not, as under a contract of sale, under a legal obligation to do so. The contract of hire-purchase is one of the variations of the contract of bailment, but it is a modern development of commercial life, and the rules with regard to bailments, which were laid down before any contract of hire-purchase was contemplated, cannot be applied simpliciter, because such a contract has in it not only the element of bailment but also the element of sale, Instalment Supply Ltd. v. S.T.O., (1974) 4 SCC 739: AIR 1974 SC 1105....
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