Labor law. Under the Railway Labor Act, a disagreement about basic working conditions, often resulting in a new collective-bargaining agreement or a change in the existing agreement. • Under the Act, two classes of disputes — major and minor — are subject to mandatory arbitration. 45 USCA § 155. — Also termed new-contract dispute. [Cases: […]
security interest. A property interest created by agreement or by operation of law to secure performance of an obligation (esp. repayment of a debt). • Although the UCC limits the creation of a security interest to personal property, the Bankruptcy Code defines the term to mean “a lien created by an agreement.” 11 USCA §
pooling, n. Oil & gas. The bringing together of small tracts of land or fractional mineral interests over a producing reservoir for the purpose of drilling an oil or gas well. • Pooling is usu. associated with collecting a large enough tract to meet well-spacing regulations. — Also termed communitization. Cf. UNITIZATION. compulsory pooling. Pooling
conciliation, n. 1. A settlement of a dispute in an agreeable manner. 2. A process in which a neutral person meets with the parties to a dispute and explores how the dispute might be resolved; esp., a relatively unstructured method of dispute resolution in which a third party facilitates communication between parties in an attempt
good faith, n. A state of mind consisting in (1) honesty in belief or purpose, (2) faithfulness to one’s duty or ob-ligation, (3) observance of reasonable commercial standards of fair dealing in a given trade or business, or (4) absence of intent to defraud or to seek unconscionable advantage. — Also termed bona fides. Cf.
national treatment. Intellectual property. The policy or practice of a country that accords the citizens of other countries the same intellectual-property protection as it gives its own citizens, with no formal treaty of reciprocity required. • The principle of national treatment underlay the first international intellectual-property treaties in the 19th century, the Paris and Berne
national treatment Read More »
Articles of Union. Hist. The 25 articles agreed to by the English and Scottish parliaments in 1707 for the union of the two kingdoms.
nondisclosure. 1. The failure or refusal to reveal something that either might be or is required to be revealed. Cf. CONCEALMENT. [Cases: Fraud 16.] 2. NONDISCLOSURE AGREEMENT.
A duty that is implied in some contractual relationships, requiring the parties to deal with each other fairly, so that neither prohibits the other from realizing the agreement’s benefits. See GOOD FAITH; BAD FAITH. [Cases: Contracts 168, 189. C.J.S. Contracts §§ 341–342, 346–347.]
duty of good faith and fair dealing Read More »