Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
ABC transaction.
Oil & gas. A sale of a working interest from an owner (A) to an operator (B) in return for a cash payment and the right to another (usu. larger) payment when the well produces, followed by A's sale of the right to the production payment to a corporation (C), which pays A in cash borrowed from a lender on C's pledge of the production payment. 9 Thus A receives cash taxed at capital-gains rates, and B pays part of the purchase price with nontaxable production income. The tax advantages of this transaction were eliminated by the Tax Reform Act of 1969.
Automated transaction
a contract formed or performed, in whole or in part, by electronic means or by electronic messages in which either party's electronic actions or messages establishing the contract are not intended to be reviewed in the ordinary course by an individual. Ucc § 2a-102(a)(3).
Sola ac per se senectus donationem, testamentum aut transactionem non vitiat
Old age does not alone and of itself vitiate gift, will or transaction.
Transact
vb. 1. To carry on or conduct (negotiations, business, etc.) to a conclusion <transact business>. 2. Civil law. To settle (a dispute) by mutual concession. See TRANSACTION (4). 3. To carry on or conduct negotiations or business <refuses to transact with the enemy>.
Transaction
n. 1. The act or an instance of conducting business or other dealings. 2. Something performed or carried out; a business agreement or exchange. 3. Any activity involving two or more persons. 4. Civil law. An agreement that is intended by the parties to prevent or end a dispute and in which they make reciprocal concessions. transactional, adj.
boiler-room transaction.
Slang. A high-pressure telephone sales pitch, often of a fraudulent nature.
capital transaction
A purchase, sale, or exchange of a capital asset.
cash-transaction report
IRS Form 4789, which requires banks and other financial institutions to report cash transactions above a certain amount.
closed transaction
See TRANSACTION.
closed transaction. Tax
A transaction in which an amount realized on a sale can be established for the purpose of stating a gain or loss.
colorable transaction
A sham transaction having the appearance of authenticity; a pretended transaction <the court set aside the colorable transaction>.
colorable transaction.
See TRANSACTION.
consumer transaction
A bargain or deal in which a party acquires property or services primarily for a personal, family, or household purpose.
consumer-credit transaction
A transaction by which a person receives a loan for buying consumer goods or services. ( Consumer-credit transactions are usu. subject to regulations enacted for the consumer's protection.
consumer-goods transaction
Secured transactions. A transaction in which (1) an individu al incurs an obligation primarily for person, family, or household purposes, and (2) a security interest in consumer goods secures the obligation. UCC § 9-102(a)(16).
consumer-transactions law
See CONSUMER LAW.
electronic transaction
A transaction formed by electronic messages in which the messages of one or both parties will not be reviewed by an individual as an expected step in forming a contract. UCC § 2A-102(a)(16).
exempt transaction
A securities sale that falls outside the scope of the Securities Act of 1933 and the Securities Exchange Act of 1934.
extortionate credit transaction
See LOAN. SHARKING.
margin transaction
A securities or commodities transaction made through a broker on a margin account. - Also termed buying on margin. See MARGIN (5).
secured transaction
A business arrangement by which a buyer or borrower gives collateral to the seller or lender to guarantee payment of an obligation. ( Article 9 of the UCC deals with secured transactions. See SECURITY AGREEMENT.
sham transaction
An agreement or exchange that has no independent economic benefit or business purpose and is entered into solely to create a tax advantage (such as a deduction for a business loss). ( The Internal Revenue Service is entitled to ignore the purported tax benefits of a sham transaction.
simulated transaction
See simulated sale under SALE.
step-transaction doctrine
A method used by the Internal Revenue Service to determine tax liability by viewing the transaction as a whole, and disregarding one or more nonsubstantive, intervening transactions taken to achieve the final result. - Also termed step-transaction approach.
suspicious-transaction report
A checkbox on IRS Form 4789 formerly (1990-1995) requiring banks and other financial institutions to report transactions that might be relevant to a violation of the Bank Secrecy Act or its regulations or that might suggest money-laundering or tax evasion. ( This checkbox, like the criminalreferral form, has since been superseded by the suspicious-activity report. - Abbr. STft.
title transaction.
A transaction that affects title to an interest in land.
transaction causation
See CAUSATION
transaction causation.
Securities. The fact that an investor would not have engaged in a given transaction if the other party had made truthful statements at the required time.
transaction cost
See COST (1)
transaction-or-occurrence test
A test used to determine whether, under Fed. R. Civ. P. 13(a),a particular claim is a compulsory counterclaim. ( Four different tests have been suggested: (1) Are the legal and factual issues raised by the claim and counterclaim largely the same? (2) Would res judicata bar a later suit on the counterclaim in the absence of the compulsorycounterclaim rule? (3) Will substantially the same evidence support or refute both the plaintiff's claim and the counterclaim? (4) Are the claim and counterclaim logically related? See compulsory counterclaim under COUNTERCLAIM. transaction slip See CONFIRMATION SLIP,
transactional immunity
Immunity from prosecution for any event or transaction described in the compelled testimony. ( This is the broadest form of immunity.
transactional lawyer
A lawyer who works primarily on transactions such as licensing agreements, mergers, acquisitions, joint ventures, and the like.
wash transaction.
See wash sale under SALE.