Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Deal
n. 1. An act of buying and selling; the purchase and exchange of something for profit <a business deal>. 2. An arrangement for mutual advantage <the witness accepted the prosecutor's deal to testify in exchange for immunity. 3. An indefinite quantity <a great deal of money>.
Dealer
n. 1. A person who purchases goods or property for sale to others; a retailer. 2. A person or firm that buys and sells securities for its own account as a principal, and then sells to a customer. See DEAL, n. & ub.
National Association of Securities Dealers
A group of brokers and dealers empowered by the SEC to regulate the over-the-counter securities market. - Abbr. NASD.
National Association of Securities Dealers Automated Quotation system
A computerized system for recording transactions and displaying price quotations for a group of actively traded securities on the over-the-counter market. - Abbr. NASDAQ.
Ordeal
Hist. A primitive form of trial in which an accused person was subjected to a dangerous or painful physical test, the result being considered a divine revelation of the person's guilt or innocence. ( The participants believed that God would reveal a person's culpability by protecting an innocent person from the torture. The ordeal was commonly used in Europe as late as the 13th century, and was sporadically used even later. - Also termed trial by ordeal; judicium Dei ("judgment of God"); vulgaris purgatio. CC CANFARA.
broker-dealer
See BROKER.
cold-water ordeal
See ORDEAL.
concerted refusal to deal
Antitrust. An agreement between two or more persons or firms to not do business with a third party. 0 The parties to the agreement may or may not be competitors. Concerted refusals to deal may violate § 1 of the Sherman Act and are analyzed under either the per se rule or the rule of reason, depending on the nature of the agreement. See BOYCOTT; PER SE RULE; RULE OF REASON.
course of dealing
An established pattern of conduct between the parties to a particular transaction. 0 If a dispute arises, the parties' course of dealing can be used as evidence of how they intended to carry out the transaction. Cf. COURSE OF PERFORMANCE; trade usage under USAGE "A course of dealing is distinguishable from a course of performance. As defined by the [UCC], 'course of dealing' relates to conduct under other transactions which occurred with regularity prior to the formation of the present contract, while 'course of performance' relates to the conduct of the parties under the contract in question subsequent to its formation. However, in meaning the two expressions are essentially equivalent." Ronald A. Anderson, Uniform Commercial Code § 1-205:86 (1997).
deal, ub
1. To distribute (something) <to deal drugs>. 2. To transact business with (a person or entity) <to deal with the competitor>. 3. To conspire with (a person or entity) <to deal for the account>.
dealer's talk
See PUFFING.
duty of good faith and fair dealing
A duty that is implied in some contractual relationships, requiring the parties to deal with each other fairly, so that neither prohibits the other from realizing the agreement's benefits. This duty is most commonly implied in insurance contracts, and usu. against the insurer, regarding matters such as the insurer's obligation to settle reasonable demands that are within the policy's coverage limits. See GOOD FAITH; BAD FAITH.
exclusive-dealing arrangement
An agreement requiring a buyer to purchase all needed goods from one seller. - Also termed exclusive dealing. See requirements contract under CONTRACT.
fair dealing
n. 1. The conduct of business with full disclosure, usu. by a corporate officer with the corporation. 2. A fiduciary's transacting of business so that, although the fiduciary might derive a personal benefit, all interested persons are fully apprised'of that potential and of all other material information about the transaction. Cf. SELF-DEALING.
fire ordeal
See ORDEAL.
formula deal
An agreement between a movie distributor and an independent or affiliated circuit to exhibit a feature movie in all theaters at a specified percentage of the national gross receipts realized by the theaters.
government-securities interdealer broker
A broker engaged exclusively in the business of transacting in government securities for parties that are themselves government brokers or dealers.
halfendeal
n. [fr. Law Latin halfendele] Archaic. Half a thing; a moiety. -Also spelled half endeal; half-endeal.
hot-water ordeal.
See ORDEAL.
implied covenant of good faith and fair dealing
See COVENANT (1).
insider dealing
See INSIDER TRADING.
ordeal by fire
An ordeal in which the accused person was forced to hold a piece of hot metal or to walk barefoot across a hot surface, the judgment of guilt or innocence depending on how quickly the person's hands or feet healed. - Also termed fire ordeal.
ordeal by water
1. An ordeal in which guilt or innocence depended on whether the accused person floated or sank after being submerged in cold water. 0 Those who sank were declared innocent, while those who floated were adjudged guilty because floating revealed the water's (and therefore God's) rejection of the accused. This type of ordeal was used esp. in witchcraft trials. - Also termed ordeal by cold water. 2. An ordeal in which guilt or innocence was determined by how quickly the accused person's arm healed after being placed in boiling water. - Also termed (in sense 2) ordeal by hot water; (in both senses) water ordeal.
patent-right dealer
A person who sells or brokers the sale of patent rights.
reciprocal dealing
A business arrangement in which a buyer having greater economic power than a seller agrees to buy something from the seller only if the seller buys something in return. ( Reciprocal dealing usu. violates antitrust laws. - Also termed reciprocal-dealing arrangement. Cf. TYING ARRANGEMENT.
refusal to deal
A company's declination to do business with another company. ( A business has the right to refuse to deal only if it is not accompanied by an illegal restraint of trade.
registered dealer
A dealer registered or required to be registered under the Securities Exchange Act of 1934.
responsible broker-dealer
A broker-dealer who communicates bids or offers on the floor of a stock exchange at the designated location for trading in a reported security or who, in an off-exchange transaction, communicates the bid or offer as either a principal or an agent, for its own or another's account. SEC Rule 11Ac1-1(a)~21) li7 (TR § 240.11Ac1-1(a)(21)i.
self-dealing
n. Participation in a transaction that benefits oneself instead of another who is owed a fiduciary duty. ( For example, a corporate director might engage in self-dealing by participating in a competing business to the corporation's detriment. - self-deal, ub. Cf. FAIR DEALING.
sweetheart deal
A collusive agreement; esp., a collective-bargaining agreement made as a result of collusion between an employer and a union representative, usu. allowing the employer to pay lower wages in exchange for payoffs to the union representative.
trial by ordeal
See ORDEAL.
unhandsome dealing
Archaic. See SHARP PRAc. TICE.
wholesale dealer
One who sells goods in gross to retail dealers rather than selling in smaller quantities directly to consumers.