AVERAGE
Categories: Property
Definition (1910 Edition)
lord. Cowell. A labor or service performed with working cattle, horses, or oxen, or with Wagons and carriages. Spelman.
and transportation by the whole quantity of tonnage carried, reduced to a common standard of tons moved one mile. Hersh v. Railway Co., 74 Pa. 190.—Average prices. Such as are computed on all the prices of any articles sold within a certain period or district—Gross average. In maritime law. A contribution made by the owners of a ship, its cargo, and the freight, towards the loss sustained by the voluntary and necessary sacrifice of property for the common safety, in proportion to their respective interests. More commonly called ‘‘general average,” (g. v.) See 3 Kent, Comm. 232; 2 Steph.
and transportation by the whole quantity of tonnage carried, reduced to a common standard of tons moved one mile. Hersh v. Railway Co., 74 Pa. 190.—Average prices. Such as are computed on all the prices of any articles sold within a certain period or district—Gross average. In maritime law. A contribution made by the owners of a ship, its cargo, and the freight, towards the loss sustained by the voluntary and necessary sacrifice of property for the common safety, in proportion to their respective interests. More commonly called ‘‘general average,” (g. v.) See 3 Kent, Comm. 232; 2 Steph.
Source: Black's Law Dictionary, 2nd Edition (1910) — Public Domain.
UK commentary and modern updates are original additions. This entry is for educational
reference only and does not constitute legal advice.