What is COMPETITION? Definition of COMPETITION in Black's Law Dictionary - Legal dictionary - Glossary of legal terms.
Rivalry. People ex rel. Broderick v. Goldfogle, 123 Misc. 399, 205 N.Y.S. 870, 877. The play of contending forces ordinarily engendered by an honest desire for gain. U. S. v. American Linseed Oil Co., 43 S.Ct. 607, 611, 262 U.S. 371, 67 L.Ed. 1035. The effort of two or more parties, acting independently, to secure the custom of a third party by the offer of the most favorable terms. It is the struggle between rivals for the same trade at the same time; the act of seeking or endeavoring to gain what another is endeavoring to gain at the same time. Lipson v. Socony Vacuum Corporation, C.C.A.Mass., 87 F.2d 265, 270.
As used in a statute taxing moneyed capital competing with national banks, "competition" means a condition of business rivalry which arises when moneyed capital is devoted with reasonable continuity and regularity to operations having for their primary and characteristic purpose, as distinguished from some incidental operations or details, the transaction of some branch of business which may be carried on by national banks, and it is not necessary that this employment shall bring capital into competition with all of such branches. People ex rel. Pratt v. Goldfogle, 242 N.Y. 277, 151 N.E. 452, 461. The term involves the idea of struggling to obtain the same thing. First Nat. Bank City of Hartford, 187 Wis. 290, 203 N.W. 721, 729. See, also, First Nat. Bank v. City of Hartford, 47 S.Ct. 462, 466, 273 U.S. 548, 71 L. Ed. 767, 59 A.L.R. 1.
Unity of object with diversity of method Is the essence of competition. Continental Securities Co. v. Interborough Rapid Transit Co., D.C.N.Y., 207 F. 467, 470.
Scotch Practice
The contest among creditors claiming on their respective diligences, or creditors claiming on their securities. Bell.
Unfair Competition in Trade
See Unfair.
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That's the definition of COMPETITION in Black's Law Dictionary - Legal dictionary - Glossary of legal terms. Courtesy of Cekhukum.com.
