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Uberrima Fides
''Uberrima fides'' (sometimes seen in its genitive form ''uberrimae fidei'') is a Latin phrase meaning "utmost good faith" (literally, "most abundant faith"). It is the name of a legal doctrine which governs insurance contracts. This means that all parties to an insurance contract must deal in good faith, making a full declaration of all material facts in the insurance proposal. This contrasts with the legal doctrine '' caveat emptor'' ("let the buyer beware"). Principle of uberrima fides A higher duty is expected from parties to an insurance contract than from parties to most other contracts, in order to ensure the disclosure of all material facts so that the contract may accurately reflect the actual risk being undertaken. The principles underlying this rule were stated by Lord Mansfield in the leading and often-quoted case of '' Carter v Boehm'' (1766) 97 ER 1162, 1164, Insurance is a contract of speculation... The special facts, upon which the contingent chance is to be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Genitive Case
In grammar, the genitive case ( abbreviated ) is the grammatical case that marks a word, usually a noun, as modifying another word, also usually a noun—thus indicating an attributive relationship of one noun to the other noun. A genitive can also serve purposes indicating other relationships. For example, some verbs may feature arguments in the genitive case; and the genitive case may also have adverbial uses (see adverbial genitive). Genitive construction includes the genitive case, but is a broader category. Placing a modifying noun in the genitive case is one way of indicating that it is related to a head noun, in a genitive construction. However, there are other ways to indicate a genitive construction. For example, many Afroasiatic languages place the head noun (rather than the modifying noun) in the construct state. Possessive grammatical constructions, including the possessive case, may be regarded as a subset of genitive construction. For example, the genitive const ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Agency (law)
The law of agency is an area of commercial law dealing with a set of contractual, quasi-contractual and non-contractual fiduciary relationships that involve a person, called the agent, that is authorized to act on behalf of another (called the principal) to create legal relations with a third party. Succinctly, it may be referred to as the equal relationship between a principal and an agent whereby the principal, expressly or implicitly, authorizes the agent to work under their control and on their behalf. The agent is, thus, required to negotiate on behalf of the principal or bring them and third parties into contractual relationship. This branch of law separates and regulates the relationships between: * agents and principals (internal relationship), known as the principal-agent relationship; * agents and the third parties with whom they deal on their principals' behalf (external relationship); and * principals and the third parties when the agents deal. Concepts The reci ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract Law
A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or rescission. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Contract law, like other areas of private law, varies between jurisdictions. The various systems of contract law can broadly be split between common law jurisdictions, civil law jurisdictions, and mixed law jurisdictions which combine elements of both common and civil law. Common law jurisdictions typically require contracts to include consideration in order to be valid, whereas civil and most mixed law jurisdictions solely require a meeting of the min ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Maritime Law Association Of The United States
Maritime may refer to: Geography * Maritime Alps, a mountain range in the southwestern part of the Alps * Maritime Region, a region in Togo * Maritime Southeast Asia * The Maritimes, the Canadian provinces of Nova Scotia, New Brunswick, and Prince Edward Island * Maritime County, former county of Poland, existing from 1927 to 1939, and from 1945 to 1951 * Neustadt District, Reichsgau Danzig-West Prussia, known from 1939 to 1942 as ''Maritime District'', a former district of Reichsgau Danzig-West Prussia, Nazi Germany, from 1939 to 1945 * The Maritime Republics, thalassocratic city-states on the Italian peninsula during the Middle Ages Museums * Maritime Museum (Belize) * Maritime Museum (Macau), China * Maritime Museum (Malaysia) * Maritime Museum (Stockholm), Sweden Music * ''Maritime'' (album), a 2005 album by Minotaur Shock * Maritime (band), an American indie pop group * "The Maritimes" (song), a song on the 2005 album ''Boy-Cott-In the Industry'' by Classified * "Marit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Latin Phrases
__NOTOC__ This is a list of Wikipedia articles of Latin phrases and their translation into English. ''To view all phrases on a single, lengthy document, see: List of Latin phrases (full)'' The list also is divided alphabetically into twenty pages: * List of Latin phrases (A) * List of Latin phrases (B) * List of Latin phrases (C) * List of Latin phrases (D) * List of Latin phrases (E) * List of Latin phrases (F) * List of Latin phrases (G) * List of Latin phrases (H) * List of Latin phrases (I) * List of Latin phrases (L) * List of Latin phrases (M) * List of Latin phrases (N) * List of Latin phrases (O) * List of Latin phrases (P) * List of Latin phrases (Q) * List of Latin phrases (R) * List of Latin phrases (S) * List of Latin phrases (T) * List of Latin phrases (U) * List of Latin phrases (V) See also * Latin influence in English * Latinism Lists * List of abbreviations used in medical prescriptions * List of ecclesiastical abbreviations * List of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Information Asymmetry
In contract theory and economics, information asymmetry deals with the study of decisions in transactions where one party has more or better information than the other. Information asymmetry creates an imbalance of power in transactions, which can sometimes cause the transactions to be inefficient, causing market failure in the worst case. Examples of this problem are adverse selection, moral hazard, and monopolies of knowledge. A common way to visualise information asymmetry is with a scale with one side being the seller and the other the buyer. When the seller has more or better information the transaction will more likely occur in the seller's favour ("the balance of power has shifted to the seller"). An example of this could be when a used car is sold, the seller is likely to have a much better understanding of the car's condition and hence its market value than the buyer, who can only estimate the market value based on the information provided by the seller and their own a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Adverse Selection
In economics, insurance, and risk management, adverse selection is a market situation where buyers and sellers have different information. The result is that participants with key information might participate selectively in trades at the expense of other parties who do not have the same information. In an ideal world, buyers should pay a price which reflects their willingness to pay and the value to them of the product or service, and sellers should sell at a price which reflects the quality of their goods and services. For example, a poor quality product should be inexpensive and a high quality product should have a high price. However, when one party holds information that the other party does not have, they have the opportunity to damage the other party by maximising self-utility, concealing relevant information, and perhaps even lying. Taking advantage of undisclosed information in an economic contract or trade of possession is known as adverse selection. This opportunity ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance Bad Faith
Insurance bad faith is a tort unique to the law of the United States (but with parallels elsewhere, particularly Canada) that an insurance company commits by violating the "implied covenant of good faith and fair dealing" which automatically exists by operation of law in every insurance contract. In common law countries such as Australia and the UK, the issue is usually framed in the context of a failure of the duty of utmost good faith originating in English insurance law, which does not constitute a tort but rather provides the insured a contractual remedy unique to insurance law. If an insurance company violates the implied covenant, the insured person (or "policyholder") may sue the company on a tort claim in addition to a standard breach of contract claim. The contract-tort distinction is significant because as a matter of public policy, punitive or exemplary damages are unavailable for contract claims, but are available for tort claims. In addition, consequential damages ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Implied Covenant Of Good Faith And Fair Dealing
In contract law, the implied covenant of good faith and fair dealing is a general presumption that the parties to a contract will deal with each other honestly, fairly, and in good faith, so as to not destroy the right of the other party or parties to receive the benefits of the contract. It is implied in a number of contract types in order to reinforce the express covenants or promises of the contract. A lawsuit (or a cause of action) based upon the breach of the covenant may arise when one party to the contract attempts to claim the benefit of a technical excuse for breaching the contract, or when he or she uses specific contractual terms in isolation in order to refuse to perform his or her contractual obligations, despite the general circumstances and understandings between the parties. When a court or trier of fact interprets a contract, there is always an "implied covenant of good faith and fair dealing" in every written agreement. History In U.S. law, the legal concept of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
English Law
English law is the common law legal system of England and Wales, comprising mainly criminal law and civil law, each branch having its own courts and procedures. Principal elements of English law Although the common law has, historically, been the foundation and prime source of English law, the most authoritative law is statutory legislation, which comprises Acts of Parliament, regulations and by-laws. In the absence of any statutory law, the common law with its principle of ''stare decisis'' forms the residual source of law, based on judicial decisions, custom, and usage. Common law is made by sitting judges who apply both statutory law and established principles which are derived from the reasoning from earlier decisions. Equity is the other historic source of judge-made law. Common law can be amended or repealed by Parliament. Not being a civil law system, it has no comprehensive codification. However, most of its criminal law has been codified from its common ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York Court Of Appeals
The New York Court of Appeals is the highest court in the Unified Court System of the State of New York. The Court of Appeals consists of seven judges: the Chief Judge and six Associate Judges who are appointed by the Governor and confirmed by the State Senate to 14-year terms. The Chief Judge of the Court of Appeals also heads administration of the state's court system, and thus is also known as the Chief Judge of the State of New York. Its 1842 Neoclassical courthouse is located in New York's capital, Albany. Nomenclature In the Federal court system, and most U.S. states, the court of last resort is known as the "Supreme Court". New York, however, calls its trial and intermediate appellate courts the " Supreme Court", and the court of last resort the Court of Appeals. This sometimes leads to confusion regarding the roles of the respective courts. Further adding to the misunderstanding is New York's terminology for jurists on its top two courts. Those who sit on its su ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Faithless Servant
The faithless servant doctrine is a doctrine under the laws of a number of states in the United States, and most notably New York State law, pursuant to which employees who act unfaithfully towards their employers must forfeit to their employers all compensation received during the period of disloyalty. History and application The faithless service doctrine is a very old common law doctrine that springs out of agency law.Manning Gilbert Warren III (2010)"Equitable Clawback: An Essay on Restoration of Executive Compensation," 12 ''University of Pennsylvania Journal of Business Law'' 1135. It is a doctrine under the laws of a number of states in the United States, and most notably New York State law, pursuant to which an employee who acts unfaithfully towards his or her employer must forfeit all of the compensation received during the period of disloyalty. That period of disloyalty during which equitable forfeiture of all compensation is calculated is the period "from the date of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
