|
Indemnification
In contract law, an indemnity is a contractual obligation of one party (the ''indemnitor'') to compensate the loss incurred by another party (the ''indemnitee'') due to the relevant acts of the indemnitor or any other party. The duty to indemnify is usually, but not always, coextensive with the contractual duty to "hold harmless" or "save harmless". In contrast, a "guarantee" is an obligation of one party (the ''guarantor'') to another party to perform the promise of a relevant other party if that other party defaults. Indemnities form the basis of many insurance contracts; for example, a car owner may purchase different kinds of insurance as an indemnity for various kinds of loss arising from operation of the car, such as damage to the car itself, or medical expenses following an accident. In an agency context, a principal may be obligated to indemnify their agent for liabilities incurred while carrying out responsibilities under the relationship. While the events giving ris ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Guarantee
A guarantee is a form of transaction in which one person, to obtain some trust, confidence or credit for another, agrees to be answerable for them. It may also designate a treaty through which claims, rights or possessions are secured. It is to be differentiated from the colloquial "personal guarantee" in that a guarantee is a legal concept which produces an economic effect. A personal guarantee, by contrast, is often used to refer to a promise made by an individual which is supported by, or assured through, the word of the individual. In the same way, a guarantee produces a legal effect wherein one party affirms the promise of another (usually to pay) by promising to themselves pay if default occurs. In legal terminology, the giver of a guarantee is called the surety or the "guarantor". The person to whom the guarantee is given is the creditor or the "obligee"; while the person whose payment or performance is secured thereby is termed "the obligor", "the principal debtor", or s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract Law
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more Party (law), parties. A contract typically involves consent to transfer of goods, Service (economics), services, money, or promise to transfer any of those at a future date. The activities and intentions of the parties entering into a contract may be referred to as contracting. In the event of a breach of contract, the injured party may seek legal remedy, judicial remedies such as damages or equitable remedies such as specific performance or Rescission (contract law), rescission. A binding agreement between actors in international law is known as a treaty. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that pacta sunt servanda, agreements must be honoured. Like other areas of private law, contract law varies between jurisdictions. In general, contract law is exercised and governed either under common law jur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Whittington V Seale-Hayne
''Whittington v Seale-Hayne'' (1900) 82 LT 49 is an English contract law case concerning misrepresentation. It holds that indemnities can be claimed under English law for any consequential costs of a contract not turning on an innocent misrepresentation (such as rent). Facts Mr Whittington bred prize poultry. He bought a long farm lease, induced by Seale-Hayne's representation that the premises were sanitary and in good repair. However, the water supply was poisoned, Mr Whittington's manager got very ill and the poultry died. Under the lease, Mr Whittington had covenanted to carry out repairs required by the council, which were needed after the council declared the premises unfit for habitation and the drains needed renewing. It was undisputed that Whittington was entitled to indemnity for rates paid or repairs costs. Whittington sought rescission and indemnity for loss of poultry, profits and medical expenses. Judgment Farwell J held no further losses could be claimed because ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Storage
Public Storage is an American international self storage company headquartered in Glendale, California, that is run as a real estate investment trust (REIT). It is the largest brand of self-storage services in the US. In 2008, it was the largest of four publicly traded storage REITs. There are more than 3,390 Public Storage self-storage locations in the US, Canada and Europe. It also owns 42 percent of an office parks subsidiary, sells packing supplies, and provides other services. As a REIT, it is owned by real estate investors, who receive more than 90 percent of the company's profits as a return-on-investment. Its largest shareholder is Tamara Hughes Gustavson, the daughter of one of its co-founders, with approximately 10% of stock in the company. Public Storage Inc. was founded in 1972 by B. Wayne Hughes and Kenneth Volk Jr. It grew to 1,000 locations by 1989, using funding from investors in real estate limited partnerships (RELPs). The private company was re-structured as a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Utah Supreme Court
The Utah Supreme Court is the supreme court of the state of Utah, United States. It has final authority of interpretation of the Utah Constitution. The Utah Supreme Court is composed of five members: a chief justice, an associate chief justice, and three other justices. All justices are appointed by the governor of Utah, with confirmation by the Utah Senate. The five justices elect one of their own to serve as chief justice and another to serve as associate chief justice, each for a term of four years. History Before present-day Utah became a state, it was organized into a provisional state, called the State of Deseret. Its constitution established a three-member supreme court. In 1850, the United States Congress passed "An Act to Establish a Territorial Government for Utah", Section 9 of which provided that "the judicial power of said territory shall be vested in a Supreme Court, District Court, and Justices of the Peace". This act converted Deseret's supreme court into a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Warranty
In law, a warranty is an expressed or implied promise or assurance of some kind. The term's meaning varies across legal subjects. In property law, it refers to a covenant by the grantor of a deed. In insurance law, it refers to a promise by the purchaser of an insurance about the thing or person to be insured. In contract law, a warranty is a contractual assurance given, typically, by a seller to a buyer, for example confirming that the seller is the owner of the property being sold. A warranty is a term of a contract, but not usually a condition of the contract or an innominate term, meaning that it is a term "not going to the root of the contract",Hogg M. (2011). ''Promises and Contract Law: Comparative Perspectives''p. 48 Cambridge University Press. and therefore only entitles the innocent party to damages if it is breached, i.e. if the warranty is not true or the defaulting party does not perform the contract in accordance with the terms of the warranty. A warranty is not ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
William Salkeld (legal Writer)
William Salkeld (1671–1715), legal writer, was the son of Samuel Salkeld of Fallowden, Northumberland, who died in 1699, and came of an ancient Cumberland family. He matriculated at St. Edmund Hall, Oxford, on 22 April 1687, at the age of fifteen. He entered himself as a student of the Middle Temple, 2 May 1692, and was called to the bar on 3 June 1698. He settled in Dorset on his marriage, in 1700, with Mary, only daughter and heiress of John Ryves of Fifehide Nevill in that county. He acquired a portion of that manor, disposing in 1707 of his paternal estate of Fallowden. Having in the meanwhile attained to a fair practice at the bar, Salkeld was in 1713 appointed Chief Justice of the Great Sessions for the counties of Carmarthen Carmarthen (, ; , 'Merlin's fort' or possibly 'Sea-town fort') is the county town of Carmarthenshire and a community (Wales), community in Wales, lying on the River Towy north of its estuary in Carmarthen Bay. At the 2021 United Kingdom cen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Payment
A payment is the tender of something of value, such as money or its equivalent, by one party (such as a person or company) to another in exchange for goods or services provided by them, or to fulfill a legal obligation or philanthropy desire. The party making the payment is commonly called the payer, while the payee is the party receiving the payment. Whilst payments are often made voluntarily, some payments are compulsory, such as payment of a fine. Payments can be effected in a number of ways, for example: * the use of money, whether through cash, cheque, mobile payment or bank transfers. * the transfer of anything of value, such as stock, or using barter, the exchange of one good or service for another. In general, payees are at liberty to determine what method of payment they will accept; though normally laws require the payer to accept the country's legal tender up to a prescribed limit. Payment is most commonly affected in the local currency of the payee unless ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ab Initio
( ) is a Latin term meaning "from the beginning" and is derived from the Latin ("from") + , ablative singular of ("beginning"). Etymology , from Latin, literally "from the beginning", from ablative case of "entrance", "beginning", related to verb "to go into", "enter upon", "begin". Uses ''Ab initio'' (abbreviation: ''ab init.'') is used in several contexts, including the following: Law In law, ''ab initio'' refers to something being the case from the start or from the instant of the act rather than from when the court declared it so. For instance, the term "void ''ab initio''" means "to be treated as invalid from the outset." E.g., in many jurisdictions, if a person signs a contract under duress, that contract is treated as being "void ''ab initio''". Typically, documents or acts which are void ''ab initio'' cannot be fixed and if a jurisdiction, a document, or an act is so declared at law to be void ''ab initio'', the parties are returned to their respective positions ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Defendant
In court proceedings, a defendant is a person or object who is the party either accused of committing a crime in criminal prosecution or against whom some type of civil relief is being sought in a civil case. Terminology varies from one jurisdiction to another. In Scots law, the terms "accused" or "panel" are used instead in criminal proceedings and "defender" in civil proceedings. Another term in use is "respondent". Criminal defendants In a criminal trial, a defendant is a person accused ( charged) of committing an offense (a crime; an act defined as punishable under criminal law). The other party to a criminal trial is usually a public prosecutor, but in some jurisdictions, private prosecutions are allowed. Criminal defendants are often taken into custody by police and brought before a court under an arrest warrant. Criminal defendants are usually obliged to post bail before being released from custody. For serious cases, such as murder, bail may be refused. Defendants ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
