Coase Theorem (kohs). An economic proposition describing the relationship between legal rules about entitle-ments and economic efficiency. • The theorem, innovated by Ronald Coase, holds that if there are no transaction costs — such as the costs of bargaining or acquiring information — then any legal rule will produce an efficient result. Coase’s seminal article […]
transformative use. Copyright. The use of copyrighted material in a manner, or for a purpose, that differs from the original use in such a way that the expression, meaning, or message is essentially new. • The term was coined by Judge Pierre N. Leval in a 1990 law-review article entitled Toward a Fair Use Standard,
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Uniform Customs and Practice for Commercial Documentary Credits. A publication of the International Chamber of Commerce that codifies widespread customs of bankers and merchants relating to the mechanics and operation of letters of credit. • Courts look to this publication to supplement and help interpret primary sources of credit law, such as UCC Article 5.
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leave, n. 1. Departure; the act of going away (took his leave). 2. Extended absence for which one has authorization; esp., a voluntary vacation from military duties with the chance to visit home; furlough (on a three-month leave from the Army). 3. Permission (by leave of court). leave, vb. 1. To give by will; to