Search Results for: consideration

Lat. A naked pact; a bare agreement; a promise or undertaking made without any consideration for it Justice v. Lang. 42 N. Y. 493, 1 Am. Rep. 576; Wardell v. Williams, 62 Mich. 50, 28 N. W. 800, 4 Am. St. Rep. 814. Nudum pactum est nbi nulla snbest causa prseter conventionem; sed nbi snbest… Continue Reading NUDUM PACTUM

In the event of losing everything, this notice states the intent of the insured to unconditionally surrender all his property to the insurer and also realizes the real nature of his losses. Diligency is required with the notice, so that it leads to the consideration of the loss as complete.

A price that reflects the lowest possible average of the total cost of production with normal profit taken into consideration. It is the equilibrium price that is determined by the interaction of the demand and supply in a perfectly competitive market.

The duty associated with imported goods that does not take into consideration the effect of inflation or other taxes. As such it is not a true reflection of the price at the time of import. It is also referred to as effective tariff rate.

Pays back ‘in kind’, but has no monetary consideration. Used mainly to avoid effort duplication, it is typically used by a government that has developed a new but classified technology and a firm that is engaged in exploiting these same technologies. On the condition that the firm discloses all future developments and refinements concerning the… Continue Reading NO COST CONTRACT

NEGLIGENCE. The omission to do something which a reasonable man, guided by those considerations which ordinarily regulate the conduct of human affairs, would do. or doing something which a prudent and reasonable man would not do. It must be determined in all cases by reference to the situation and knowledge of the parties and all… Continue Reading NEGLIGENCE

The juristic meaning of this term does not differ from the vernacular, except in the cases where it is used in op position to the term “legal;” and then it means proceeding from or determined by physical causes or conditions, as distinguish- ed from positive enactments of law, or attributable to the nature of man… Continue Reading NATURAL

In Scotch conveyancing. That part of a deed which describes the gran- tor, and person in whose favor the deed is granted, and states the cause (consideration) of granting. Bell. NARRATOR 803 NATION ALIZACION

As a term of jurisprudence, this word is equivalent to bare, wanting in nec- essary conditions, incomplete, as a naked con- trad. (mulum pactum,) i. e., a contract devoid of consideration, and therefore invalid; or simple, unilateral, comprising but a single element, as a naked authority, i. e., one which is not coupled with any… Continue Reading NAKED