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Ordinary Course Of Business
In United States law, the ordinary course of business (OCB) covers the usual transactions, customs and practices of a certain business and of a certain firm. This term is used particularly to judge the validity of certain transactions. It is used in several different sections of the Uniform Commercial Code of the United States.Section 1-201 of the Uniform Commercial Codedefines a "Buyer in the ordinary course of business" by a four-part test: # a person that buys goods in good faith, # without knowledge that the sale violates the rights of another person in the goods /nowiki>e.g. a security interest">security_interest.html" ;"title="/nowiki>e.g. a security interest">/nowiki>e.g. a security interest/nowiki>, # and in the ordinary course from a person, other than a pawnbroker, in the business of selling goods of that kind. # A person buys goods in the ordinary course if the sale to the person comports with the usual or customary practices in the kind of business in which the seller ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Law
The law of the United States comprises many levels of Codification (law), codified and uncodified forms of law, of which the supreme law is the nation's Constitution of the United States, Constitution, which prescribes the foundation of the federal government of the United States, federal government of the United States, as well as various civil liberties. The Constitution sets out the boundaries of federal law, which consists of Act of Congress, Acts of Congress, treaty, treaties ratified by the United States Senate, Senate, regulations promulgated by the executive branch, and case law originating from the United States federal courts, federal judiciary. The United States Code is the official compilation and Codification (law), codification of general and permanent federal statutory law. The Constitution provides that it, as well as federal laws and treaties that are made pursuant to it, preempt conflicting state and territorial laws in the 50 U.S. states and in the territor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Uniform Commercial Code
The Uniform Commercial Code (UCC), first published in 1952, is one of a number of uniform acts that have been established as law with the goal of harmonizing the laws of sales and other commercial transactions across the United States through UCC adoption by all 50 states, the District of Columbia, and the Territories of the United States. While largely successful at achieving this ambitious goal, some U.S. jurisdictions (''e.g.'', Louisiana and Puerto Rico) have not adopted all of the articles contained in the UCC, while other U.S. jurisdictions (''e.g.'', American Samoa) have not adopted any articles in the UCC. Also, adoption of the UCC often varies from one U.S. jurisdiction to another. Sometimes this variation is due to alternative language found in the official UCC itself. At other times, adoption of revisions to the official UCC contributes to further variation. Additionally, some jurisdictions deviate from the official UCC by tailoring the language to meet their unique ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Good Faith
In human interactions, good faith () is a sincere intention to be fair, open, and honest, regardless of the outcome of the interaction. Some Latin phrases have lost their literal meaning over centuries, but that is not the case with , which is still widely used and interchangeable with its generally accepted modern-day English translation of ''good faith''. It is an important concept within law and business. The opposed concepts are bad faith, (duplicity) and perfidy (pretense). is a Latin phrase meaning "good faith". Its ablative case is , meaning "in good faith", which is often used in English as an adjective to mean "genuine". While may be translated as "faith", it embraces a range of meanings within a core concept of "reliability", in the sense of a trust between two parties for the potentiality of a relationship. For the ancient Romans, ''bona fides'' was to be assumed by both sides, with implied responsibilities and both legal and religious consequences if bro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Security Interest
In finance, a security interest is a legal right granted by a debtor to a creditor over the debtor's property (usually referred to as the '' collateral'') which enables the creditor to have recourse to the property if the debtor defaults in making payment or otherwise performing the secured obligations. One of the most common examples of a security interest is a mortgage: a person is loaned money from a bank to buy a house, and they grant a mortgage over the house so that if they default in repaying the loan, the bank can sell the house and apply the proceeds to the outstanding loan. Although most security interests are created by agreement between the parties, it is also possible for a security interest to arise by operation of law. For example, in many jurisdictions a mechanic who repairs a car benefits from a lien over the car for the cost of repairs. This lien arises by operation of law in the absence of any agreement between the parties. Most security interests are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pawnbroker
A pawnbroker is an individual that offers secured loans to people, with items of personal property used as Collateral (finance), collateral. A pawnbrokering business is called a pawnshop, and while many items can be pawned, pawnshops typically accept jewelry, musical instruments, coins, gold, silver, firearms; as well as home audio equipment, computers, video game systems, televisions, cameras, and power tools being included as the world entered the Information Age. The items ''pawned'' to the broker or shop are themselves called pledge (law), ''pledges'', ''pawns'', or simply ''the collateral''. If an item is pawned for a loan (colloquially "hocked" or "popped"), within a certain contractual period of time the pawner may redeem it for the amount of the loan plus some agreed-upon amount for interest. In the United States the amount of time, and rate of interest, is governed by law and by the state commerce department policies. They have the same license as a bank, which is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom Legislation
The United Kingdom has three distinctly different legal systems, each of which derives from a particular geographical area for a variety of historical reasons: English law (in the joint jurisdiction of England and Wales), Scots law, Northern Ireland law, and, since 2007, calls for a fourth type, that of purely Welsh law as a result of Welsh devolution, with further calls for a Welsh justice system. In fulfilment of its former EU treaty obligations, European Union directives had been transposed into the UK legal system on an ongoing basis by the UK parliament. Upon Brexit, non-transposed EU law (such as regulations) was transplanted into domestic law as " retained EU law", with an additional period of alignment with EU law during the transition period from 31 January to 31 December 2020. Legal jurisdictions There are three distinct legal jurisdictions in the United Kingdom: England and Wales, Northern Ireland and Scotland. Each has its own legal system, distinct histo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Factors Act 1889
The Factors Act 1889 ( 52 & 53 Vict. c. 45) was an act of the Parliament of the United Kingdom that consolidated several earlier enactments related to factors in the United Kingdom. Passage The Factors Bill had its first reading in the House of Lords on 19 March 1889, introduced by the Lord Chancellor, Hardinge Giffard, 1st Baron Halsbury. The bill had its second reading in the House of Lords on 6 May 1889 and was committed to the Standing Committee for Bills relating to Law, &c, which reported on 28 June 1889, with amendments. The amended bill was re-committed to a committee of the whole house, which met and reported on 1 July 1889, without amendments. The amended bill had its third reading in the House of Lords on 2 July 1889 and passed, without amendments. The bill had its first reading in the House of Commons on 4 July 1889. The bill had its second reading in the House of Commons on 19 July 1889 and was committed to the Standing Committee on Trade, Shipping and Manu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Factor (agent)
A factor is a type of trader who receives and sells goods on commission, called factorage. A factor is a mercantile fiduciary transacting business that operates in their own name and does not disclose their principal. A factor differs from a commission merchant in that a factor takes possession of goods (or documents of title representing goods, such as a bill of lading) on consignment, but a commission merchant sells goods not in their possession on the basis of samples. Most modern factor business is in the textile field, but factors are also used to a great extent in the shoe, furniture, hardware, and other industries. The number of trade areas in which factors operate has increased. In the United Kingdom, most factors fall within the definition of a mercantile agent under the Factors Act 1889 ( 52 & 53 Vict. c. 45), and therefore have the powers of such. A factor has a possessory lien over the consigned goods that covers any claims against the principal arising out of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bill Of Lading
A bill of lading () (sometimes abbreviated as B/L or BOL) is a document issued by a common carrier, carrier (or their Law of agency, agent) to acknowledge receipt of cargo for shipment. Although the term is historically related only to Contract of carriage, carriage by sea, a bill of lading may today be used for any type of carriage of goods. Bills of lading are one of three crucial documents used in international trade to ensure that exporters receive payment and importers receive the merchandise. The other two documents are a insurance policy, policy of insurance and an invoice. Whereas a bill of lading is negotiable, both a policy and an invoice are assignment (law), assignable. In international trade outside the United States, bills of lading are distinct from waybills in that the latter are not transferable and do not confer title. Nevertheless, the UK Carriage of Goods by Sea Act 1992 grants "all rights of suit under the contract of carriage" to the lawful holder of a bill ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lord Alverstone
Richard Everard Webster, 1st Viscount Alverstone, (22 December 1842 – 15 December 1915) was a British barrister, politician and judge who served in many high political and judicial offices. Background and education Webster was the second son of Thomas Webster QC. He was educated at King's College School and Charterhouse, and Trinity College, Cambridge. He was well known as an athlete in his earlier years, having represented his university in the first Inter- Varsity steeplechase and as a runner. As such, the Cambridge University Alverstone Club is named in his honour, and makes a pilgrimage to Alverstone, Isle of Wight, every four years. His interest in cricket and foot-racing was maintained in later life. He refereed races for the early Amateur Athletic Club and set rules for long jump and shot put. He was President of Surrey County Cricket Club from 1895 until his death, and of the Marylebone Cricket Club in 1903. Legal, judicial and political career Webster was called ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Legal Terminology
American(s) may refer to: * American, something of, from, or related to the United States of America, commonly known as the "United States" or "America" ** Americans, citizens and nationals of the United States of America ** American ancestry, people who self-identify their ancestry as "American" ** American English, the set of varieties of the English language native to the United States ** Native Americans in the United States, indigenous peoples of the United States * American, something of, from, or related to the Americas, also known as "America" ** Indigenous peoples of the Americas * American (word), for analysis and history of the meanings in various contexts Organizations * American Airlines, U.S.-based airline headquartered in Fort Worth, Texas * American Athletic Conference, an American college athletic conference * American Recordings (record label), a record label that was previously known as Def American * American University, in Washington, D.C. Sports teams ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
