Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Aftermarket
See secondary market.
At-the-market price.
see price,
Auction market
see market.
Below-market loan
see interest-free loan under loan.
Common Market
The European Economic Community. ( Common Market is a colloquial term - not a formal designation.
Friday market
The normal tendency for stock-prices to decline on Fridays. ( The tendency occurs because many investors balance their accounts before the weekend to avoid any adverse changes in market prices over the weekend.
Friday market.
See MARKET.
Market
n. 1. A place of commercial activity in which goods or services are bought and sold < the farmers' market>. - Also termed mart. 2. A geographic area or demographic segment considered as a place of demand for particular goods or services <the foreign market for microchips. 3. The opportunity for buying and selling goods or services; the extent of economic demand <a strong job market for accountants. 4. A securities or commodities exchange <the stock market closed early because of the blizzard>. 5. The business of such an exchange; the enterprise of buying and selling securities or commodities <the stock market is approaching an all-time high>. 6. The price at which the buyer and seller of a security or commodity agree <the market for oil is $16 per barrel advancing marketSee bull market.
Marketability
Salability; the probability of selling property, goods, securities, or services at specified times, prices, and terms.
Marketable
adj. Of commercially acceptable quality; fit for sale and in demand by buyers. -Also termed merchantable. marketable security. See SECURITY. marketable title. See TITLE (2).
Marketing
n. 1. The act or process of promoting and selling products or services. 2. The part of a business concerned with meeting custorners' needs. 3. The area of study concerned wit b the promotion and selling of products or services.
actual market value
See fair market value.
actual market value.
See fair market value under VALUE.
advancing market.
see bull rnarhet under market.
aftermarket
see secondary market under market.
at-the-market price
A retail price that store owners in the same vicinity generally charge.
auction market
A market (such as the New York Stock Exchange) in which securities are bought and sold by competitive bidding through brokers. Cf negotiated market.
bear market.
A securities market characterized by falling prices over a prolonged period. - Also termed down market; receding market.
below-market loan
See interest-free loan.
black market
An illegal market for goods that are controlled or prohibited by the government, such as the underground market for prescription drugs.
bull market
See MARKET.
buyer's market
A market in which supply significantly exceeds demand, resulting in lower prices.
capital market
A securities market in which stocks and bonds with long-term maturities are traded.
clear market value
See fair market value under VALUE.
clerk of the market
Hist. The overseer of a public market, responsible for witnessing oral contracts, inquiring into weights and measures, measuring land, and settling disputes between people dealing there. ( The office has become obsolete as a result of various statutes regulating- weights and measures.
common market
An economic association formed by several nations to reduce trade barriers among them; esp. (usu. cap.), EUROPEAN UNION.
cornering the market
The act or process of acquiring ownership or control of a large portion of the available supply of a commodity or security, permitting manipulation of the commodity's or security's price.
current market value
The price at which an asset can be sold within the present accounting period.
discount market
The portion of the money market in which banks and other financial institutions trade commercial paper.
discount market.
See MARKET.
down market
See bear market under MARKET.
fair cash market value
See fair market value under VALUE.
fair market price
See fair market value under VALUE.
fair market value
The price that a seller is willing to accept and a buyer is willing to pay on the open market and in an arm's-length transaction; the point at which supply and demand intersect. - Abbr. FMV. - Also termed actual value; actual cash value; actual market value; cash value; clear market value; fair and reasonable value; fair cash market value; fair cash value; fair market price; fair value; full value; just value; market value; salable value; true value. "[A] forced sale price is not fair value though it may be used as evidence on the question of fair value. Likewise, the fair value of saleable assets is not what they would sell for in the slow process of the debtor's trade as if the debtor were continuing business unhampered. The general idea of fair value is the amount of money the debtor could raise from its property in a short period of time, but not so short as to approximate a forced sale, if the debtor operated as a reasonably prudent and diligent businessman with his interests in mind, especially a proper concern for the payment of his debts." David G. Epstein et al., Bankruptcy § fr18, at 307 (1993).
forestalling the market
Hist. 1. The taking possession of commodities on their way to the market. 2. The purchase of goods on their way to the market, with the intention of reselling them at a higher price. 3. The dissuasion of sellers from taking their goods to the market, or the persuasion of sellers to increase the price of their goods at the market. ( At common law, forestalling the market was a criminal offense.
forward market
See futures market.
fraud on the market
1. Fraud occurring when an issuer of securities gives out misinformation that affects the market price of stock, the result being that people who buy or sell are effectively misled even though they did not rely on the statement itself or anything derived from it other than the market price. 2. The securities-law claim based on such fraud. See FRAUD-ON-THE-MARKET PRINCIPLE.
fraud on the market.
See FRAUD.
fraud-on-the-market principle
Securities. The doctrine that, in a claim under the antifraud provisions of the federal securities laws, a plaintiff may presumptively establish reliance on a misstatement about a security's value -without proving actual knowledge of the fraudulent statement - if the stock is purchased in an open and developed securities market. This doctrine recognizes that the market price of an issuer's stock reflects all available public information. The presumption is rebuttable. -Also termed fraud-on-the-market theory. frauds, statute of. See STATUTE OF FRAUDS.
free market
See open market.
free market.
See open market under MARKET
futures market
A commodity exchange in which futures contracts are traded; a market for a trade (e.g., commodities futures contracts and stock options) that is negotiated at the current price but calls for delivery at a future time. - Also termed forward market. See FUTURES CONTRACT.
futures market.
See MARXET,
geographic market
Antitrust. The part of a relevant market that identifies the regions in which a firm might compete. ( If a firm can raise prices or cut production without causing a quick influx of supply to the area from outside sources, that firm is operating in a distinct geographic market. "For purposes of [the Sherman Act], the relevant geographic market comprises the area in which the defendant effectively competes with other individuals or businesses for distribution of the relevant product. Stated differently, the relevant geographic market consists of the area from which the sellers of a particular product derive their customers, and the area within which the purchasers of the product can practically seek the product." 54 Am. Jur. 2d Monopolies, Restraints of Trade, and Unfair Trade Practices § 57, at 119-20 (1996).
gray market
A market in which legal but perhaps unethical methods are used to avoid a manufacturer's distribution chain and thereby sell goods (esp. imported goods) at prices lower than those envisioned by the manufacturer. See PARALLEL IMPORTS. "One of the most controversial areas of customs law concerns 'gray market goods,' goods produced abroad with authorization and payment but which are imported into unauthorized markets. Trade in gray market goods has increased dramatically in recent years, in part because fluctuating currency exchange rates create opportunities to import and sell such goods at a discount rate from local price levels." Ralph H. Folsom & Michael W. Gordon, International Business Transactions § 20.8 (1995).
gray market.
See MARKET
gray-market goods.
See PARALLEL IMPORTS.
institutional market
The demand among large investors and corporations for shortterm funds and commercial paper.
inverted market
See BACKWARDATION.
lower-of-cost-or-market method
A means of pricing or costing inventory by which inventory value is set at either acquisition cost or market cost, whichever is lower.