dispatch money. Maritime law. An amount paid by a shipowner to a vessel’s charterer if the vessel’s cargo is unloaded at the port sooner than provided for in the agreement between the charterer and the shipowner. — Also termed dispatch. Cf. contract demurrage under DEMURRAGE. [Cases: Shipping 49(6). C.J.S. Shipping § 108.] “Some charters contain […]
A condition that must occur or be performed at the same time as another condition, the performance by each party separately operating as a condition precedent; a condition that is mutually dependent on another, arising when the parties to a contract agree to exchange performances simultaneously. — Also termed condition concurrent. [Cases: Contracts 225. C.J.S.
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staple (stay-p[schwa]l). 1. A key commodity such as wool, leather, tin, lead, butter, or cheese (collectively termed the staple). 2. Hist. A town appointed by the Crown as an exclusive market for staple products. See STATUTE STAPLE. 3. Patents. An unpatented thing or material that is a component of a patented product or is used
defeasible, adj. (Of an act, right, agreement, or position) capable of being annulled or avoided (defeasible deed). See fee simple defeasible under FEE SIMPLE . — defeasibility, n.
An agreement to indemnify corporate directors and officers against judgments, settlements, and fines arising from negligence suits, shareholder actions, and other business-related suits. — Often shortened to D & O liability insurance; D & O insurance. [Cases: Insurance 2377.]
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hostage. 1. An innocent person held captive by another who threatens to kill or harm that person if one or more demands are not met. • Hostage-taking is a federal crime. 18 USCA § 1203. Cf. KIDNAPPING. 2. Int’l law. A person who is given or taken into an enemy’s custody, in time of war,
semble (sem-b[schwa]l). [Law French] It seems; it would appear (semble that the parties’ intention was to create a binding agreement). • This term is used chiefly to indicate an obiter dictum in a court opinion or to introduce an uncertain thought or interpretation. — Abbr. sem.; semb.
dispute-resolution procedure. Intellectual property. A mechanism for resolving international grievances over intellectual-property protection, conducted by the World Trade Organization under the TRIPs Agreement. • The procedure begins with a complaint by one nation against another, followed by consultations between the nations, a WTO panel report on the issue, and (potentially) trade sanctions against one of
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Knowledge that one using reasonable care or diligence should have, and therefore that is attributed by law to a given person [the court held that the partners had constructive knowledge of the partnership agreement even though none of them had read it].
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A price that is agreed upon by a wholesaler and a retailer for the later sale or resale of an item. • Agreements to fix prices are generally prohibited by state and federal statutes.