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. [Cases: Internal Revenue 3071. C.J.S. […]
A divorce in which the parties are not required to prove fault or grounds beyond a showing of the irretrievable breakdown of the marriage or irreconcilable differences. • The system of no-fault divorce has been adopted throughout the United States. By 1974, 45 states had adopted no-fault divorce; by 1985, every state but New York
cost, insurance, and freight. A mercantile-contract term allocating the rights and duties of the buyer and the seller of goods with respect to delivery, payment, and risk of loss, whereby the seller must (1) clear the goods for export, (2) arrange for transportation by water, (3) procure insurance against the buyer’s risk of damage during
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Court of High Commission. Hist. Eccles. law. A tribunal responsible for inquiring into religious offenses such as the holding of heretical opinions, and absence from church. • Functioning as a court, the High Commission also prosecuted violations of the Acts of Supremacy and Uniformity (1559), the statutes that gave the Crown supreme power over the
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variance. 1. A difference or disparity between two statements or documents that ought to agree; esp., in criminal procedure, a difference between the allegations in a charging instrument and the proof actually introduced at trial. — Also termed variation. [Cases: Indictment and Information 171. C.J.S. Indictments and Informations §§ 206, 211.] fatal variance. A variance
arbitration n. 仲裁 指争议双方当事人将其争议提交给中立的第三方(即仲裁员)来审理并作出裁决的争议解决方法。它不同于到法院通过诉讼的途径来解决争议，且与之相比，仲裁程序更为简便、迅速、费用较低。现代法中，仲裁通常依当事人事先或在争议发生后达成的仲裁协议〔arbitration agreement〕进行，仲裁员由双方当事人选定，如由双方各自选出仲裁员一人时，则必须再共同选出第三名仲裁员，即首席仲裁员〔umpire,在苏格兰称oversman〕；如果当事人双方选定的仲裁员对争议的解决达不成一致意见，由其单独作出裁决。仲裁裁决称为「award」，对首席仲裁员作出的裁决有时也称作「umpirage」。仲裁裁决在英国自1697年起依法对当事人具有拘束力，若一方不履行，另一方可申请法院强制执行。根据英国的1950、1975、1979年《仲裁法》〔Arbitration Acts〕，若仲裁协议的一方违反协议向法院提起诉讼时，另一方可申请法院中止诉讼，先将争议提交仲裁。若一方拒绝参加仲裁，仲裁程序可单方进行。1975年《仲裁法》规定含有涉外因素的仲裁协议在英国可以得到承认和执行。1979年《仲裁法》规定仲裁裁决可以受到法院审查，并废除了可向高等法院陈述案情并请求其作出裁决的程序。在美国，大多数州都已采用了《统一仲裁法》〔Uniform Arbitration Act〕。美国仲裁协会〔American Arbitration Association〕为提供仲裁服务的组织。
fair-trade law. A state statute that protects and enforces fair-trade agreements. • At one time, many states had fair-trade laws. But when applied to interstate commerce, the laws may violate the Sherman Antitrust Act, so most states have repealed them.
A promise, usu. in a sale-of-business, partnership, or employment contract, not to engage in the same type of business for a stated time in the same market as the buyer, partner, or employer. • Noncompetition covenants are valid to protect business goodwill in the sale of a company. In other contexts, they are generally disfavored
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