Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Bailment for mutual benefit
a bailment for which the bailee is compensated and from which the bailor receives some additional benefit, as when one leaves a car with a parking attendant who will also wash the car while it is parked.
Demutualization
n. The process of converting a mutual insurance company (which is owned by its policyholders) to a stock insurance company (which is owned by outside shareholders), usu. as a means of increasing the insurer's capital by allowing the insurer to issue shares. About half the states have demutualization statutes authorizing such a conversion. - demutualize, vb.
Mutual
adj. 1. Generally, directed by each toward the other or others; reciprocal. 2. (Of a condition, credit covenant, promise, etc.) reciprocally given, received, or exchanged. 3. (Of a right, etc.) belonging to two parties; common. - mutuality, n.
Mutual savings bank
a bank that has no capital stock and in which the depositors are the owners. See savings-and-loan association.
Mutuality
The state of sharing or exchanging something; a reciprocation; an interchange < mutuality of obligation>.
joint and mutual will
A will executed by two or more people - to dispose of property they own separately, in common, or jointly -requiring the surviving testator to dispose of the property in accordance with the terms of the will, and showing that the devises are made in consideration of one another. ( The word "joint" indicates the form of the will. The word "mutual" describes the substantive provisions. - Also termed joint and reciprocal will.
mutual account
An account showing mutual transactions between parties, as by showing debits and credits on both sides of the account. "(E]ach party to a mutual account occupies both a debtor and creditor relation with regard to the other party. A mutual account arises where there are mutual dealings, and the account is allowed to run with a view to an ultimate adjustment of the balance. In order to establish a mutual account, it is not enough that the parties to the account have cross demands or cross open accounts; there must be an actual mutual agreement, express or implied, that the claims are to be set off against each other." 1 Am. Jur. 2d Accounts and Accounting § 6, at 564 (1994).
mutual affray
see mutual combat.
mutual assent
Agreement by both parties to a contract, usu. in the form of offer and acceptance. ( In modern contract law, mutual assent is determined by an objective standard - that is, by the apparent intention of the parties as manifested by their actions. Cf. MEETING OF THE MINDS.
mutual association
A mutually owned, cooperative savings and loan association, with the deposits being shares of the association. ( A mutual association is not allowed to issue stock and is usu. regulated by the Office of Thrift Supervision, an agency of the U.S. Treasury Department. - See SAVINGS-AND-LOAN ASSOCIATION.
mutual combat
A consensual fight on equal terms - arising from a moment of passion but not in self-defense - between two persons armed with deadly weapons. 0 A murder charge may be reduced to voluntary manslaughter if death occurred by mutual combat. - Also termed mutual affray. Cf. DUEL.
mutual company
A company that is owned by its customers rather than by a separate group of stockholders. ( Many insurance companies are mutual companies, as are many federal savings-and-loan associations. See MUTUAL INSURANCE COMPANY.
mutual contract
See bilateral contract
mutual debts
Cross-debts of the same kind and quality between two persons.
mutual demands
Countering demands between two parties at the same time <a claim and counterclaim in a lawsuit are mutual demands > .
mutual fund
1. An investment company that invests its shareholders' money in a usu. diversified selection of securities. - Often shortened to fund. 2. Loosely, a share in such a company.
mutual insurance
A system of insurance (esp. life insurance) whereby the policyholders become members of the insurance company, each paying premiums into a common fund from which each can draw in the event of a loss.
mutual insurance company
An insurer whose policyholders are its owners, as opposed to a stock insurance company owned by outside shareholders. Cf. STOCK INSURANCE COMPANY.
mutual mistake
1. A mistake in which each party misunderstands the other's intent. - Also termed bilateral mistake. 2. A mistake that is shared and relied on by both parties to a contract. ( A court will often revise or nullify a contract based on a mutual mistake about a material term. - Also termed (in sense 2) common mistake. "The term 'common mistake' is more usually, but less grammatically, referred to as 'mutual mistake'. Cheshire and Fifoot on Contract have made a heroic effort to introduce and establish the more correct term, and it does seem to be gaining ground. However, the beginner is warned that the term 'mutual mistake' is nearly always used by the Courts to mean what we here call 'common mistake'." P.S. Atiyah, An Introduction to the Law of Contract 190 n.7 (3d ed. 1981).
mutual promises
See PROMISE.
mutual rescission
See RESCISSION (2)
mutual savings bank
See BANK.
mutual testaments
See mutual wills under WILL.
mutual will
See WILL
mutual-agreement program
A prisoner-rehabilitation plan in which the prisoner agrees to take part in certain self-improvement activities to receive a definite parole date.
mutual-benefit association
A fraternal or social organization that provides benefits for its members, usu. on an assessment basis. "In the absence of statutory definition, the question of the extent to which mutual benefit, fraternal beneficiary, and like associations or societies, are within the meaning of the insurance laws must depend upon the terms of the different statutes, and the various circumstances of each particular case ----Broadly speaking, when a company, society, or association, either voluntary or incorporated, and whether known as a relief, benevolent, or benefit society, or by some similar name, contracts for a consideration to pay a sum of money upon the happening of a certain contingency, and the prevalent purpose and nature of the organization is that of insurance, it will be regarded as an insurance company and its contracts as insurance contracts------2A George J. Couch, Couch on Insurance § 20:2, at 11 (rev. 2d ed. 1984).
mutual-benefit insurance
Benefits provided by a mutual-benefit association upon the occurrence of a loss.
mutuality doctrine
The collateral-estoppel requirement that, to bar a party from relitigating an issue determined against that party in an earlier action, both parties must have been in privity with one another in the earlier proceeding.
mutuality of assent
See MEETINGS OF THE MINDS.
mutuality of contract
See MUTUALITY OF OBLIGATION.
mutuality of debts
Bankruptcy. For purposes of setoff, the condition in which debts are owed between parties acting in the same capacity, even though the debts are not of the same character and did not arise out of the same transaction.
mutuality of estoppel
The collateral-estoppel principle that a judgment is not conclusively in favor of someone unless the opposite decision would also be conclusively against that person.
mutuality of obligation
The agreement of both parties to a contract to be bound in some way. - Also termed mutuality of contract. See MUTUAL ASSENT. "The doctrine of mutuality of obligation is commonly expressed in the phrase that in a bilateral contract both parties must be bound or neither is bound.' But this phrase is over-generalization because the doctrine is not one of mutuality of obligation but rather one of mutuality of consideration. Phrasing the rule in terms of mutuality of obligation rather tomutuality of obligation' should be abandoned and we must agree in the light of the confusion that this term has engendered." John D. Calamari & Joseph M. Perillo, The Law of Contracts § 4-12, at 226 (3d ed. 1987).
mutuality of remedy
The availability of a remedy, esp. equitable relief, to both parties to a transaction, usu. required before either party can be granted specific performance. See SPECIFIC PERFORMANCE.
remedy, mutuality of
See MUTUALITY OF REMEDY.