Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Backward integration
see integration (4)
Integration
1. The process of making whole or combining into one. 2. Contracts. The full expression of the parties' agreement, so that all earlier agreements are superseded, the effect being that neither party may later contradict or add to the contractual terms. - Also termed merger. See PAROL-EVIDENCE RULE.
backward integration
A firm's acquisition of ownership of facilities that produce raw materials or parts for the firm's products. 5. Securities. The requirement that all security offerings over a given period are to be considered a single offering for purposes of determining an exemption from registration. ( The Securities and Exchange Commission and the courts apply five criteria to determine whether two or more transactions are part of the same offering of securities: (1) whether the offerings are part of a single plan of financing, (2) whether the offerings involve issuance of the same class of securities, (3) whether the offerings are made at or about the same time, (4) whether the same type of consideration is received, and (5) whether the offerings are made for the same general purpose. 17 CFR ยง 230.502.
complete integration
The fact or state of fully expressing the intent of the parties.
horizontal integration
See horizontal merger under MERGER.
integration clause
A contractual provision stating that the contract represents the parties' complete and final agreement and supersedes all informal understandings and oral agreements relating to the subject matter of the contract. - Also termed merger clause; entire contract clause. See INTEGRATION (2); PAROL-EVIDENCE RULE.
integration rule
The rule that if the parties to a contract have embodied their agreement in a final document, any other action or statement is without effect and is immaterial in determining the terms of the contract
partial integration
The fact or state of not fully expressing the parties' intent, so that the contract can be changed by the admission of parol (extrinsic) evidence. 3. The incorporation of different races into existing institutions (such as public schools) for the purpose of reversing the historical effects of racial discrimination. Cf. DESEGREGATION. 4. Antitrust. A firm's performance of a function that it could have obtained on the open market. ( A firm can achieve integration by entering a new market on its own, by acquiring a firm that operates in a secondary market, or by entering into a contract with a firm that operates in a secondary market. -Also termed vertical integration. See vertical merger under MERGER.
vertical integration
See INTEGRATION (4)