Terms Used In New York Laws > General Business > Article 33-A - Dealer Agreements For the Sale of Farm Equipment

• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Current net price: means the price listed in the supplier's effective price list or catalogue, less any applicable trade and cash discounts. See N.Y. General Business Law 696-A
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Dealer: means any person selling or agreeing to sell primarily equipment under an agreement with a supplier. See N.Y. General Business Law 696-A
• Dealer agreement: means any agreement between a supplier and a dealer by which the dealer is authorized to engage in the business of the retail sale, lease and/or service of equipment in accordance with methods and procedures prescribed by the supplier. See N.Y. General Business Law 696-A
• Decedent: A deceased person.
• Equipment: means vehicles and machinery and the accessories and parts thereto which are designed to be used for farm and agricultural purposes, lawn, garden, golf course, landscaping or grounds and maintenance/utility activities, provided however that self-propelled vehicles primarily for the transportation of persons or property on a street or highway are specifically excluded. See N.Y. General Business Law 696-A
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Executor: A male person named in a will to carry out the decedent
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Intestate: Dying without leaving a will.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Net cost: means the price the dealer paid to the supplier for the equipment, less all applicable discounts allowed, plus the freight costs from the supplier's location to the dealer's location. See N.Y. General Business Law 696-A
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Supplier: means the manufacturer, wholesaler or distributor of the equipment to be sold by the dealer. See N.Y. General Business Law 696-A
• Testate: To die leaving a will.