Virginia Code 59.1-415: Definitions
As used in this chapter, which shall be known and may be cited as the “Prizes and Gifts Act”:
Terms Used In Virginia Code 59.1-415
- 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.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- item: means any item or service with monetary value. See Virginia Code 59.1-415
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means any natural person, corporation, trust, partnership, association and any other legal entity. See Virginia Code 59.1-415
“Anything of value,” “item of value” or “item” means any item or service with monetary value.
“Handling charge” means any charge, fee or sum of money which is paid by a consumer to receive a prize, gift or any item of value including, but not limited to, promotional fees, redemption fees, registration fees or delivery costs.
“Pay-per-call service” means any passive, interactive, polling, conference, or other similar audiotext service that is accessed through a 900 number exchange or otherwise, and generates a service-related fee billed to a telephone customer.
“Person” means any natural person, corporation, trust, partnership, association and any other legal entity.
1989, c. 689; 1991, c. 154.