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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 hedge 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Guarantee
Guarantee is a legal term more comprehensive and of higher import than either warranty or "security". It most commonly designates a private transaction by means of which one person, to obtain some trust, confidence or credit for another, engages 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 (speak enough) 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. At law, 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 "oblige ... [...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] |
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 i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States District Court For The District Of New Jersey
The United States District Court for the District of New Jersey (in case citations, D.N.J.) is a federal court in the Third Circuit (except for patent claims and claims against the U.S. government under the Tucker Act, which are appealed to the Federal Circuit). The Judiciary Act of 1789 established New Jersey as a single District on September 24, 1789. On February 13, 1801 the Judiciary Act of 1801 reorganized the federal court system, resulting in the state being divided into Eastern and Western districts. The Judiciary Act of 1801 was repealed on March 8, 1802 and New Jersey was re-established as a single district court. The United States Attorney's Office for the District of New Jersey represents the United States in civil and criminal litigation in the court. the United States Attorney for the District of New Jersey is Philip R. Sellinger. Organization of the court The United States District Court for the District of New Jersey holds court at Mitchell H. Cohen Build ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Storage
Public Storage is an American international self storage Self storage (a shorthand for "self-service storage," and also known as "device storage") is an industry that rents storage space (such as rooms, lockers, containers, and/or outdoor space), also known as "storage units," to tenants, usually on ... 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 2,200 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. Public Storage Inc. was founded in 1972 by B. Wayne Hughes and Kenneth Volk Jr. It grew to 1,000 locations by 1989, us ... [...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 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 territori ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Warranty
In contract law, a warranty is a promise which is not a condition of the contract or an innominate term: (1) 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 (2) which only entitles the innocent party to damages if it is breached: i.e. 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 a guarantee. It is a mere promise. It may be enforced if it is breached by an award for the legal remedy of damages. A warranty is a term of a contract. Depending on the terms of the contract, a product warranty may cover a product such that a manufacturer provides a warranty to a consumer with which the manufacturer has no direct contractual relationship. A warranty may be express or implied. An express warranty is expressly stated (typically, written); whether or not a term will be implied int ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Payment
A payment is the voluntary tender of money or its equivalent or of things of value 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. The party making the payment is commonly called the payer, while the payee is the party receiving the payment. Payments can be effected in a number of ways, for example: * the use of money, cheque, or debit, credit, or bank transfers, whether through mobile payment or otherwise * 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 effected in the local currency of the payee unless the parties agree otherwise. Payment in another currency involves an additional foreign exchange transactio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ab Initio
''Ab initio'' ( ) is a Latin term meaning "from the beginning" and is derived from the Latin ''ab'' ("from") + ''initio'', ablative singular of ''initium'' ("beginning"). Etymology Circa 1600, from Latin, literally "from the beginning", from ablative case of ''initium'' "entrance", "beginning", related to verb ''inire'' "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 ... [...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 must ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
