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Uberrima Fides
(sometimes seen in its Genitive case, genitive form ) is a Latin language, 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 William Murray, 1st Earl of Mansfield, 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 ... [...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). The 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 subsets of the genitive construction. For example, t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trustee
Trustee (or the holding of a trusteeship) is a legal term which, in its broadest sense, refers to anyone in a position of trust and so can refer to any individual who holds property, authority, or a position of trust or responsibility for the benefit of another. A trustee can also be a person who is allowed to do certain tasks but not able to gain income.''Black's Law Dictionary, Fifth Edition'' (1979), p. 1357, . Although in the strictest sense of the term a trustee is the holder of property on behalf of a beneficiary, the more expansive sense encompasses persons who serve, for example, on the board of trustees of an institution that operates for a charity, for the benefit of the general public, or a person in the local government. A trust can be set up either to benefit particular persons or for any charitable purposes (but not generally for non-charitable purposes): typical examples are a will trust for the testator's children and family, a pension trust (to confer bene ... [...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] |
Maritime Law Association Of The United States
The Maritime Law Association of the United States (MLAUS) is an American maritime law organization. It is the United States' representative in the Comité Maritime International. Activities The association was formed in 1899 with the goal of having the United States become part of a globally unified maritime law system. While they do not lobby, they have written resolutions endorsing certain political (such as a congressional overturn of '' Wilburn Boat'') and judicial decisions. They have been strong supporters of US ratification of UNCLOS and the Rotterdam Rules. The MLAUS has multiple committees for specialties within maritime law. It also has a proctor Proctor (a variant of ''wikt:procurator, procurator'') is a person who takes charge of, or acts for, another. The title is used in England and some other English-speaking countries in three principal contexts: # In law, a proctor is a historica ... credential program for experienced maritime attorneys. References ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Meinhard V
Meinhard is a municipality in the Werra-Meißner-Kreis in Hesse, Germany. Geography Location The community lies in the North Hesse Low Mountain Range landscape on the edge of the Werra valley, 3 km from the district seat of Eschwege. Near Meinhard-Frieda, the Frieda empties into the Werra. After heavy rainfall, it can swell into a fast-running river that can wash the bank of the Werra away. On the bank facing Meinhard-Jestädt, the Wehre empties into the Werra. Neighbouring communities Meinhard borders in the northeast and the east on the communities of Volkerode, Pfaffschwende, Kella and Geismar (all four in Thuringia’s Eichsfeld district), in the southeast on the town of Wanfried, in the south and west on the town of Eschwege and in the northwest on the town of Bad Sooden-Allendorf (all three in the Werra-Meißner-Kreis). Constituent communities The community’s seven ''Ortsteile'' are Frieda, Grebendorf (administrative seat), Hitzelrode, Jestädt, Neuerode, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Latin Phrases
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). Lists of 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 Germanic and Latinate equivalents in English * List of Greek phrases * List of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Information Asymmetry
In contract theory, mechanism design, and economics, an information asymmetry is a situation 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,Dembe, Allard E. and Boden, Leslie I. (2000). "Moral Hazard: A Question of Morality?" New Solutions 2000 10(3). 257–79 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 buy ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Adverse Selection
In economics, insurance, and risk management, adverse selection is a market situation where Information asymmetry, asymmetric information results in a party taking advantage of undisclosed information to benefit more from a contract or trade. 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. However, when one party holds information that the other party does not have, they have the opportunity to damage the other party by maximizing self-utility, concealing relevant information, and perhaps even lying. This opportunity has secondary effects: the party without the information may take steps to avoid entering into an unfair contract, perhaps by withdrawing from the interaction; a party may ask for higher or lower prices, diminishing the volume of trade in the market; or parties may be deterred from participatin ... [...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. 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 for breach of contract are traditionally subject to certain constraints not applicable to compensatory damages in tort actions (see '' Hadley v. Baxendale''). The result is that a plaintiff in an insurance bad faith case may be able to recover an amount ''larger'' than the original face v ... [...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. Usage in the United States Historical u ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
English Law
English law is the common law list of national legal systems, legal system of England and Wales, comprising mainly English criminal law, criminal law and Civil law (common law), civil law, each branch having its own Courts of England and Wales, courts and Procedural law, procedures. The judiciary is judicial independence, independent, and legal principles like Procedural justice, fairness, equality before the law, and the right to a fair trial are foundational to the system. Principal elements Although the common law has, historically, been the foundation and prime source of English law, the most authoritative law is statutory legislation, which comprises Act of Parliament, Acts of Parliament, Statutory Instrument, 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 United Kingdom l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York Court Of Appeals
The New York Court of Appeals is the supreme court, highest court in the Judiciary of New York (state), Unified Court System of the New York (state), State of New York. It consists of seven judges: the Chief Judge of the New York Court of Appeals, chief judge and six associate judges, who are appointed by the Governor of New York, governor and confirmed by the New York State Senate, 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. The Court of Appeals was founded in 1847 and is located in the New York Court of Appeals Building in Albany, New York. Nomenclature New York uses an unusual nomenclature for its state courts. In the Federal judiciary of the United States, federal court system and in all other U.S. states, the court of last resort is known as the "Supreme Court". New York, however, calls its lower courts the "New York State Sup ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
