Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Factorage
1. The compensation paid to a factor for his or her services. 2. The business of a factor.
Factoring
n. The buying of accounts receivable at a discount. 0 The price is discounted because the factor (who buys them) assumes the risk of delay in collection and loss on the accounts receivable.
Factorize
vb. See GARNISH.
Malefactor
n. [Latin] Hist. A wrongdoer; a criminal.
bifactoral obligation
. An obligation created by two parties.
bifactoral obligation.
See OBLIGATION.
connecting factors
Conflict of laws. Factual or legal circumstances that help determine the choice of law by linking an action or individual with a state or jurisdiction. 0 An example of a connecting factor is a party's domicile within a state.
del credere factor
See del credere agent under AGENT.
factor
n. 1. An agent or cause that contributes to a particular result <punishment was a factor in the court's decision>. 2. An agent who is employed to sell property for the principal and who possesses or controls the property; a person who received'and sells goods for a commis- sion <a factor was employed to sell goods for the company>. ( A factor differs from a broker because the factor possesses or controls the property. - Also termed commission merchant; del credere bailiff. Cf. BROKER. "A factor by the rules of common law and of mercantile usage is an agent to whom goods are consigned for the purpose of sale, and he has possession of the goods, power to sell them in his own name, and a general discretion as to their sale. He may sell them on the usual terms of credit, may receive the price, and give a good discharge to the buyer." William R. Anson, Principles of the Law of Contract 523 (Arthur L. Corbin ed., 3d Am. ed. 1919). 3. One who buys accounts receivable at a discount <the company sold its receivables to a factor at only 5% of their stated value>. 4. A garnishee <the factor held $400 of the debtor's property when the writ of garnishment was served>.
factor's act
A statute protecting one who buys goods from a factor or agent by creating the presumption that the agent was acting on the owner's behalf and with the owner's approval.
factor's lien
A lien, usu. statutory, on property held on consignment by a factor. ( It allows the factor to keep possession of the property until the account has been settled. See UCC § 9-102(2). See FACTOR (2).
factorizing process
A procedure or legal process by which a third party, rather than the creditor, attaches a debtor's property; GARNISHMENT. - Also termed trustee process; process by foreign attachment. "In Vermont and Connecticut, the [garnishee] is also sometimes called the factor, and the process [of garnishing], factorizing process." Charles D. Drake, A Treatise on the Law of Suits by Attachment in the United States § 451, at 386 (7th ed. 1891).
factory act
A statute that regulates workers' hours, health, and safety. See FAIR LABOR STANDARDS ACT.
interest factor
Insurance. In life-insurance ratemaking, an estimate of the interest or rate of return that the insurer will earn on premium payments over the life of a policy. ( The interest factor is one element that a life insurer uses to calculate premium rates. See PREMIUM RATE; gross premium (1) under PREMIUM (1). Cf MORTALITY FACTOR; RISK FACTOR.
lien of factor at common law
See LIEN.
load factor
1. The ratio of a utility customer's usage levels during a given period compared to the customer's demand during peak periods. 2. An analysis of the number of passengers on an airplane or other common carrier compared to available capacity.
mortality factor
Insurance. In life-insurance ratemaking, an estimate of the average number of deaths that will occur each year at each specific age, calculated by using an actuarial table. ( The mortality factor is one element that a life insurer uses to calculate premium rates. See ACTUARIAL TABLE; PREMIUM RATE. Cf. INTEREST FACTOR; RISK FACTOR.
risk factor
Insurance, in life making, the estimated cost of present and future claims, based on a mortality table. ( The risk factor is one element that a life insurer uses to calculate premium rates. See PREMIUM RATE. Cf INTEREST FACTORY ; MORTALITY FACTOR
satisfactory evidence
Evidence that is sufficient to satisfy an unprejudiced mind seeking the truth. - Also termed sufficient evidence; satisfactory proof.
satisfactory proof
See satisfactory evidence under EVIDENCE.
sentence-factor manipulation
See sentencing entrapment under ENTRAPMENT.
substantial-factor test
Torts. The principle that causation exists when the defendant's con- duct is an important or significant contributor to the plaintiff's injuries. Cf. BUT-FOR TEST.
unifactoral obligation
. An obligation created by one party. obligation, mutuality of. See MUTUALITY OF OBLIGATION.