Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Assizes de jerusalem
a code of feudal law intended to serve as the law of the lands conquered by the crusaders. ( the code was prepared in the 12th century after the 1099 conquest of jerusalem.
Auction sale.
see auction
Average gross sales
see sale.
Bargain and sale
a written agreement for the sale of land whereby the buyer would give valuable consideration (recited in the agreement) without having to enter the land and perform livery of seisin, so that the parties equitably "raised a use" in the buyer. ( the result of the bargain and sale was to leave the legal estate in fee simple in the seller and to create an equitable estate in fee simple in the buyer.
Bargain sale
a sale of property for less than its fair market value. 0 for tax purposes, the difference between the sale price and the fair market value must be taken into account. And bargain sales between family members may lead to gift-tax consequences. - also termed bargain purchase.
Bargain-and-sale deed.
see deed.
Domestic International Sales Corporal
A U.S. corporation, esp. a subsidiary WHOSE income is primarily attributable to exports. s, Income tax on part of a DISC's income is USU deferred, resulting in a lower overall corporatftax for the parent than it would otherwise, incur. IRC (26 USCA) §§ 991-997 - Abbr. DISC.
For example, a wholesaler or distributor usu. receives a greater discount than a retailer. quantity discount
See volume discount.
Judex habere debet duos sales, salem sapientiae, ne sit insipidus, et salem conscientiae, ne sit diabolus
A judge should have two salts: the salt of wisdom, lest he be foolish; and the salt of conscience, lest he be devilish.
Portsale
Hist. A public sale of goods to the highest bidder; an auction.
Presale
The sale of real property (such as condominium units) before construction has begun.
Resale
n. 1. The act of selling goods or property - previously sold to a buyer who breached the sales contract - to someone else. UCC § 2-706. 2. A retailer's selling of goods, previously purchased from a manufacturer or wholesaler, to consumers. - resell, ub.
Sale
n. 1. The transfer of property or title for a price. 2. The agreement by which such a transfer takes place. ( The four elements are (1) parties competent to contract, (2) mutual assent, (3) a thing capable of being transferred, and (4) a price in money paid or promised.
Wholesale
n. The sale of goods or commodities usu. for resale by a retailer, as opposed to a sale to the ultimate consumer. - wholesale, ub. -wholesale, adj. Cf. RETAIL.
Wholesaler
One who buys large quantities goods and resells them in smaller quantities retailers or other merchants, who in turn sell to the ultimate consumer.
absolute sale
See SALE
act of sale.
An official record of a sale of property; esp., a document drawn up by a notary, signed by the parties, and attested by witnesses.
agreement of sale
see agreement.
approval sale
See sale on approval.
auction sale
See AUCTION.
average gross sales
The amount of total sales divided by the number of sales transactions in a specific period.
bargain-and-sale deed
A deed that conveys property to a buyer for valuable consideration but that lacks any guarantee from the seller about the validity of the title. See BARGAIN AND SALE.
bill of sale.
An instrument for the conveyance of title to personal property, absolutely or by way of security. Cf. DEED.
bona fide sale
A sale made by a seller in good faith, for valuable consideration, and without notice of a defect in title or any other reason not to hold the sale.
bootstrap sale
1. A sale in which the purchase price is financed by earnings and profits of the thing sold; esp., a leveraged buyout. See BUYOUT. 2. A seller's tax-saving conversion of a business's ordinary income into a capital gain from the sale of corporate stock.
broker for sale
See BROKER.
bulk sale
See BULK TRANSFER.
cash sale
See SALE.
cash-against-documents sale
See documentary sale under SALE.
certificate of sale
See CERTIFICATE OF PURCHASE.
chilling a sale
The act of bidders or others who combine or conspire to discourage others from attempting to buy an item so that they might buy the item themselves for a lower price.
commission of appraisement and sale
Maritime law. A court order requiring the sale of property in an in-rem admiralty action.
comparative-sales approach.
See MARKET KPPROA('H
compulsory sale
The forced sale of real property in accordance with either an eminent-domain order or an order for a judicial sale arising from nonpayment of taxes.
conditional sale
See SALE.
conditional sales contract
See retail installment contract.
conditions of sale
The terms under which auctions are to be conducted. 0 The conditions of sale are usu. placed in the auction room for public viewing before the sale.
confirmation of sale
A court's approval -usu. in the form of a docket entry or order - of the terms of a court-ordered sale.
consignment sale
A sale of an owner's property (such as clothing or furniture) by a third party entrusted to make the sale. See CONSIGNMENT.
consumer-credit sale
A sale in which the seller extends credit to the consumer. ( A consumer-credit sale includes a lease in which the lessee's rental payments equal or exceed the retail value of the item rented.
contract for sale
See CONTRACT.
contract of sale
See contract for sale (1).
credit sale
A sale of goods to a buyer who is allowed to pay for the goods at a later time.
de facto contract of sale
See CONTRACT
deceptive sales practice
See DECEPTIVE ACT
disguised installment sale
Bankruptcy. A debtor's leasing ploy to try to keep property outside the bankruptcy estate, whereby a lease either presents the lessee-debtor with a bargain purchase option or transfers title to the lessee-debtor at the end of the lease term. ( When such a lease is discovered, the property is treated as part of the bankruptcy estate, meaning that to defeat competing creditors, the lessor must have perfected a security interest.
distress sale
1. A form of liquidation in which the seller receives less for the goods than what would be received under normal sales conditions; esp., a going-out-of-business sale. 2. A foreclosure or tax sale.
dock sale
A sale in which a purchaser takes possession of the product at the seller's shipping dock, esp. for transportation outside the state.
documentary sale
A sale in which the buyer pays upon the seller's tender of documents of title covering the goods, plus a sight draft requiring the buyer to pay "at sight." ( This type of sale typically occurs before delivery of the goods, which might be en route when the buyer pays. - Also termed cash-against-documents sale.
due-on-sale clause
A mortgage provision gives the lender the option to accelerate t debt if the borrower transfers or conveys a! part of the mortgaged real estate without the lender's consent