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Quantum Valebant
''Quantum valebant'' is a Latin phrase meaning "as much as they were worth". It is sometimes used in its singular form, ''quantum valebat'', meaning “as much as it was worth". It is a common count at law very similar to ''quantum meruit''. The two legal actions differ only in that ''quantum meruit'' is used to recover the reasonable value of ''services'' rendered, while ''quantum valebant'' is used to recover the reasonable value of ''goods'' sold and delivered. This count is considered a type of assumpsit. Case law The Supreme Court of California has held: Although such an action is one at law, it is governed by principles of equity. It may be brought 'wherever one person has received money which belongs to another, and which "in equity and good conscience," or in other words, in justice and right, should be returned. . . . The plaintiff's right to recover is governed by principles of equity, although the action is one at law. An illustration of a case in w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quantum Meruit
is a Latin phrase meaning "what one has earned". In the context of contract law, it means something along the lines of "reasonable value of services". In the United States, the elements of ''quantum meruit'' are determined by state common law. For example, to state a claim for unjust enrichment in New York, a plaintiff must allege that (1) defendant was enriched; (2) the enrichment was at plaintiff's expense; and (3) the circumstances were such that equity and good conscience require defendants to make restitution. ''Quantum meruit'' is the measure of damages where an express contract is mutually modified by the implied agreement of the parties, or not completed. While there is often confusion between the concept of ''quantum meruit'' and that of "unjust enrichment" of one party at the expense of another, the two concepts are distinct. Situation: The concept of ''quantum meruit'' applies in (but is not limited to) the following set of situations: #When a person hires anothe ... [...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] |
Contract Law Legal Terminology
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves consent to transfer of goods, 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 judicial remedies such as damages or equitable remedies such as specific performance or 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 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 jurisdictions, civil law jurisdictions, or mixed-law jurisdictions that combine elements of bot ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Valuation (finance)
In finance, valuation is the process of determining the value of a (potential) investment, asset, or security. Generally, there are three approaches taken, namely discounted cashflow valuation, relative valuation, and contingent claim valuation. Valuations can be done for assets (for example, investments in marketable securities such as companies' shares and related rights, business enterprises, or intangible assets such as patents, data and trademarks) or for liabilities (e.g., bonds issued by a company). Valuation is a subjective exercise, and in fact, the process of valuation itself can also affect the value of the asset in question. Valuations may be needed for various reasons such as investment analysis, capital budgeting, merger and acquisition transactions, financial reporting, taxable events to determine the proper tax liability. In a business valuation context, various techniques are used to determine the (hypothetical) price that a third party would pay for a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tort Law
A tort is a civil wrong, other than breach of contract, that causes a claimant to suffer loss or harm, resulting in legal liability for the person who commits the tortious act. Tort law can be contrasted with criminal law, which deals with crime, criminal wrongs that are punishable by the state. While criminal law aims to punish individuals who commit crimes, tort law aims to compensate individuals who suffer harm as a result of the actions of others. Some wrongful acts, such as assault and Battery (crime), battery, can result in both a civil lawsuit and a criminal prosecution in countries where the civil and criminal legal systems are separate. Tort law may also be contrasted with contract law, which provides civil remedies after breach of a duty that arises from a contract. Obligations in both tort and criminal law are more fundamental and are imposed regardless of whether the parties have a contract. While tort law in civil law (legal system), civil law jurisdictions largely d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Comptrollers General Of The United States
A comptroller (pronounced either the same as ''controller'' or as ) is a management-level position responsible for supervising the quality of accounting and financial reporting of an organization. A financial comptroller is a senior-level executive who acts as the head of accounting, and oversees the preparation of financial reports, such as balance sheets and income statements. In most Commonwealth countries, the comptroller general, auditor general, or comptroller and auditor general is the external auditor of the budget execution of the government and of government-owned companies. Typically, the independent institution headed by the comptroller general is a member of the International Organization of Supreme Audit Institutions. In American government, the comptroller is effectively the chief financial officer of a public body. In business management, the comptroller is closer to a chief audit executive, holding a senior role in internal audit functions. Generally, the title ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Common Law Legal Terminology
Common may refer to: As an Irish surname, it is anglicised from Irish Gaelic surname Ó Comáin. Places * Common, a townland in County Tyrone, Northern Ireland * Boston Common, a central public park in Boston, Massachusetts * Cambridge Common, common land area in Cambridge, Massachusetts * Clapham Common, originally common land, now a park in London, UK * Common Moss, a townland in County Tyrone, Northern Ireland * Lexington Common, a common land area in Lexington, Massachusetts * Salem Common Historic District, a common land area in Salem, Massachusetts People * Common (rapper) (born 1972), American hip hop artist, actor, and poet * Andrew Ainslie Common (1841–1903), English amateur astronomer * Andrew Common (1889–1953), British shipping director * John Common, American songwriter, musician and singer * Thomas Common (1850–1919), Scottish translator and literary critic Arts, entertainment, and media * ''Common'' (film), a 2014 BBC One film, written by Jimm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legal Action
In legal terminology, a complaint is any formal legal document that sets out the facts and legal reasons (see: cause of action) that the filing party or parties (the plaintiff(s)) believes are sufficient to support a claim against the party or parties against whom the claim is brought (the defendant(s)) that entitles the plaintiff(s) to a remedy (either money damages or injunctive relief). For example, the Federal Rules of Civil Procedure (FRCP) that govern civil litigation in United States courts provide that a civil action is commenced with the filing or service of a pleading called a complaint. Civil court rules in states that have incorporated the Federal Rules of Civil Procedure use the same term for the same pleading. In Civil Law, a "complaint" is the first formal action taken to officially begin a lawsuit. This written document contains the allegations against the defense, the specific laws violated, the facts that led to the dispute, and any demands made by t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equity (law)
In the field of jurisprudence, equity is the particular body of law, developed in the English Court of Chancery, with the general purpose of providing legal remedies for cases wherein the common law is inflexible and cannot fairly resolve the disputed legal matter. Conceptually, equity was part of the historical origins of the system of common law of England, yet is a field of law separate from common law, because equity has its own unique rules and principles, and was administered by courts of equity. Equity exists in domestic law, both in civil law and in common law systems, as well as in international law. The tradition of equity begins in antiquity with the writings of Aristotle (''epieikeia'') and with Roman law ('' aequitas''). Later, in civil law systems, equity was integrated in the legal rules, while in common law systems it became an independent body of law. Equity in common law jurisdictions (general) In jurisdictions following the English common law syste ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Latin Legal Terminology
Latin ( or ) is a classical language belonging to the Italic branch of the Indo-European languages. Latin was originally spoken by the Latins in Latium (now known as Lazio), the lower Tiber area around Rome, Italy. Through the expansion of the Roman Republic, it became the dominant language in the Italian Peninsula and subsequently throughout the Roman Empire. It has greatly influenced many languages, including English, having contributed many words to the English lexicon, particularly after the Christianization of the Anglo-Saxons and the Norman Conquest. Latin roots appear frequently in the technical vocabulary used by fields such as theology, the sciences, medicine, and law. By the late Roman Republic, Old Latin had evolved into standardized Classical Latin. Vulgar Latin refers to the less prestigious colloquial registers, attested in inscriptions and some literary works such as those of the comic playwrights Plautus and Terence and the author Petronius. While ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Comptroller General Of The United States
The comptroller general of the United States is the director of the Government Accountability Office (GAO, formerly known as the General Accounting Office), a legislative-branch agency established by Congress in 1921 to ensure the fiscal and managerial accountability of the federal government. Overview The Budget and Accounting Act of 1921 "created an establishment of the Government to be known as the General Accounting Office, which shall be independent of the executive departments and under the control and direction of the Comptroller General of the United States". The act also provided that the "Comptroller General shall investigate, at the seat of government or elsewhere, all matters relating to the receipt, disbursement, and application of public funds, and shall make to the President when requested by him, and to Congress... recommendations looking to greater economy or efficiency in public expenditures." The comptroller general is appointed for fifteen years by the pre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value (economics)
In economics, economic value is a measure of the benefit provided by a goods, good or service (economics), service to an Agent (economics), economic agent, and value for money represents an assessment of whether financial or other resources are being used effectively in order to secure such benefit. Economic value is generally measured through units of currency, and the interpretation is therefore "what is the maximum amount of money a person is willing and able to pay for a good or service?” Value for money is often expressed in comparative terms, such as "better", or "best value for money", but may also be expressed in absolute terms, such as where a deal does, or does not, offer value for money. Among the competing schools of economic theory there are differing Theory of value (economics), theories of value. Economic value is ''not'' the same as Price, market price, nor is economic value the same thing as market value. If a consumer is willing to buy a good, it implies tha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
