Intangibles

“Intangibles”, in relation to proprietary security, means incorporeal assets and includes uncertificated and indirectly held securities and the undivided share of a co-owner in corporeal assets or in a bulk or a fund. (IX. – 1:201(8))

Interest

“Interest” means simple interest without any assumption that it will be capitalised from time to time.

Invalid

“Invalid” in relation to a juridical act or legal relationship means that the act or relationship is void or has been avoided.

Joint obligation

An obligation owed by two or more debtors is a “joint obligation” when all the debtors are bound to render the performance together and the creditor may require it only from all of them. (III. – 4:102(3))

Joint right

A right to performance held by two or more creditors is a “joint right” when the debtor must perform to all the creditors and any creditor may require performance only for the benefit of all. (III. – 4:202(3))

Juridical act

A “juridical act” is any statement or agreement, whether express or implied from conduct, which is intended to have legal effect as such. It may be unilateral, bilateral or multilateral. (II. – 1:101(2))

Keeper

A keeper, in relation to an animal, vehicle or substance, is the person who has the beneficial use or physical control of it for that person’s own benefit and who exercises the right to control it or its use.

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Lease

A “lease” is the legal relationship arising from a contract under which one party, the lessor, undertakes to provide the other party, the lessee, with a temporary right of use in exchange for rent. (IV. B. – 1:101)

Limited proprietary rights

Limited proprietary rights are such rights of the following character as are characterised or treated as proprietary rights by any provision of these model rules or by national law:– (a) security rights (b) rights to use (c) rights to acquire (including a right to acquire in the sense of VIII. – 2:307 (Contingent right of transferee under retention of ownership)) and (d) trust-related rights. (VIII. – 1:204)

Limited-right-possessor

A “limited-right-possessor”, in relation to goods, is a person who exercises physical control over the goods either (a) with the intention of doing so in that person’s own interest, and under a specific legal relationship with the owner-possessor which gives the limited- right-possessor the right to possess the goods or (b) with the intention of doing so to the order of the owner-possessor, and under a specific contractual relationship with the owner-possessor which gives the limited-right-possessor a right to retain the goods until any charges or costs have been paid by the owner-possessor. (VIII. – 1:207)

Loan contract

A loan contract is a contract by which one party, the lender, is obliged to provide the other party, the borrower, with credit of any amount for a definite or indefinite period (the loan period), in the form of a monetary loan or of an overdraft facility and by which the borrower is obliged to repay the money obtained under the credit, whether or not the borrower is obliged to pay interest or any other kind of remuneration the parties have agreed upon. (IV. F. – 1:101(2))

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Loss

“Loss” includes economic and non-economic loss. “Economic loss” includes loss of income or profit, burdens incurred and a reduction in the value of property. “Non-economic loss” includes pain and suffering and impairment of the quality of life. (III. – 3:701(3) and VI. – 2:101(4))

Mandate

The “mandate” of an agent is the authorisation and instruction given by the principal, as modified by any subsequent direction, in relation to the facilitation, negotiation or conclusion of a contract or other juridical act with a third party. (IV. D. – 1:102(1)(a))

Mandate for direct representation

A “mandate for direct representation” is a mandate under which the agent is to act in the name of the principal, or otherwise in such a way as to indicate an intention to affect the principal’s legal position directly. (IV. D. – 1:102(1)(d))

Mandate for indirect representation

A “mandate for indirect representation” is a mandate under which the agent is to act in the agent’s own name or otherwise in such a way as not to indicate an intention to affect the principal’s legal position directly. (IV. D. – 1:102(1)(e))

Merger of debts

A “merger of debts” means that the attributes of debtor and creditor are united in the same person in the same capacity. (III. – 6:201)

Merger clause

A “merger clause” is a term in a contract document stating that the document embodies all the terms of the contract. (II. – 4:104)

Monetary loan

A monetary loan is a fixed sum of money which is lent to the borrower and which the borrower agrees to repay either by fixed instalments or by paying the whole sum at the end of the loan period. (IV. F. – 1:101(3))

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Motor vehicle

“Motor vehicle” means any vehicle intended for travel on land and propelled by mechanical power, but not running on rails, and any trailer, whether or not coupled. (VI. – 3:205(2))

Movables

“Movables” means corporeal and incorporeal property other than immovable property.

Negligence

There is “negligence” if a person does not meet the standard of care which could reasonably be expected in the circumstances.

Non-economic loss

See “Loss”.

Non-performance

“Non-performance”, in relation to an obligation, means any failure to perform the obligation, whether or not excused. It includes delayed performance and defective performance. (III. – 1:101(3))

Notice

“Notice” includes the communication of information or of a juridical act. (I. – 1:105)

Not individually negotiated

A term supplied by one party is not individually negotiated if the other party has not been able to influence its content, in particular because it has been drafted in advance, whether or not as part of standard terms. (II. – 1:110)

Obligation

An obligation is a duty to perform which one party to a legal relationship, the debtor, owes to another party, the creditor. (III. – 1:101(1))

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