redhibitory defect. Civil law. A fault or imperfection in something sold, as a result of which the buyer may return the item and demand back the purchase price. La. Civ. Code art. 2520. — Also termed redhibitory vice. [Cases: Sales 119. C.J.S. Sales §§ 194, 199–202.]
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journal of notarial acts (noh-tair-ee-[schwa]l). The notary public’s sequential record of notarial transactions, usu. a bound book listing the date, time, and type of each official act, the type of instrument acknowledged or verified before the notary, the signature of each person whose signature is notarized, the type of information used to verify the identity
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A seller’s putting and holding conforming goods at the buyer’s disposition and giving the buyer any notification reasonably necessary to take delivery. • The manner, time, and place for tender are determined by the agreement and by Article 2 of the Uniform Commercial Code. [Cases: Sales 153. C.J.S. Sales §§ 161–162, 164, 182.]
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shadow economy. Collectively, the unregistered economic activities that contribute to a country’s gross national product. • A shadow economy may involve the legal and illegal production of goods and services, including gambling, prostitution, and drug-dealing, as well as barter transactions and unreported incomes. — Also termed black economy; black market; underground economy.
A false statement that is known to be false or is made recklessly — without knowing or caring whether it is true or false — and that is intended to induce a party to detrimentally rely on it. — Also termed fraudulent representation; deceit. [Cases: Fraud 8.]
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A counted vote by roll call, in which the secretary calls each member’s name, in answer to which the member casts aloud his or her vote. • The U.S. Constitution provides that “the Yeas and Nays of the Members of either House on any question shall, at the Desire of one fifth of those Present,
strategic alliance. A coalition formed by two or more persons in the same or complementary businesses to gain long-term financial, operational, or marketing advantages without jeopardizing competitive independence (through their strategic alliance, the manufacturer and distributor of a co-developed product shared development costs). Cf. ALLIANCE(1); JOINT VENTURE; PARTNERSHIP.
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species (spee-sheez). 1. A taxonomic class of organisms uniquely distinguished from other classes by shared characteristics and usu. by an inability to interbreed with members of other classes. endangered species. A species in danger of becoming extinct; esp., under federal law, a species that is in danger of extinction throughout all or a significant part
A breach of contract caused by a party’s anticipatory repudiation, i.e., unequivocally indicating that the party will not perform when performance is due. • Under these circumstances, the nonbreaching party may elect to treat the repudiation as an immediate breach and sue for damages. — Also termed breach by anticipatory repudiation; constructive breach. See anticipatory
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Repudiation of a contractual duty before the time for performance, giving the injured party an immediate right to damages for total breach, as well as discharging the injured party’s remaining duties of performance. • This type of repudiation occurs when the promisor unequivocally disavows any intention to perform when the time for performance comes. Once
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