Corner

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Corner

For surveying purposes, the designation given to a particular location formed by the intersection of two boundary lines of real property.

The process by which a group of investors or dealers in a particular commodity exploit its market by purchasing it in large quantities and removing it from general sale for a time, thereby dramatically increasing its market price because its limited supply is greatly exceeded by the demand for it. The condition created when a commitment is made to sell at a special time of delivery in the future, a much greater quantity of a commodity than is available in the present market.

This type of commitment is known as a futures contract. Frequently, neither buyer nor seller expects actual delivery of the goods. They are solely speculating on the difference between the contract price and market price on a particular date. The market price is affected by various economic factors. When a corner is created, the demand for the commodity far exceeds its supply, thereby driving up market prices. On the date of delivery, therefore, the market price will exceed the contract price if no additional quantities can be delivered by persons other than the seller who has "cornered" the market. The buyer must then pay the seller, who had a corner on the specified commodity, the amount by which the market price exceeds the contract price. If, however, additional quantities of the commodity are available in the market, the seller incurs financial losses because the market price will be less than the contract price at which the market was "cornered."

The Commodity Futures Trading Commission is the federal regulatory agency charged with the administration of the Commodity Exchange Act (7 U.S.C.A. § 1 et seq.), which is designed to protect all commodity investors from manipulative practices that hinder the free flow of commerce. Anyone who deliberately exploits the commodities market to create a corner may be prosecuted under federal law for commission of a felony, punishable by a fine of not more than $500,000 or imprisonment of not more than five years, or both, plus the costs of prosecution.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
The Spartans (2-0) had nine corner kicks to none for the Beavers (2-1).
The Egyptians looked more menacing and came frequently close to scoring again but Qatar's set pieces off the free kicks and corner kicks were a problem for the defensive quartet of Ahmed Shedid, Hossam Ashour, Ahmed Hammoudi and Rami Rabia to handle.
Hilal pressed even more and Thiago Neves's long distance shot in the 35th minute was nicely diverted by the Iranian goalkeeper to a corner kick. The first half ended 0-0.
How we could do with a corner kick specialist like Gary McAllister now.
"This is the only place where a corner kick is as good as a goal for the fans.
That jolted Peterhead to life and after a corner kick Craig Tully's powerful header hit the bar.
Gareth Wilson and Martyn Chalk went close but the crucial goal came on 26 minutes when Chalk's corner kick caused confusion in the six yard box and Brewerton fired the ball home from close range.
And Advocaat's men came close to an opener after a couple of minutes from a corner kick met by Lorenzo Amoruso, but his close-range header finished over the bar.
After a corner kick, Kempf collected a loose ball and placed it in the back of the net in the 95th minute.
The Phobians won a corner kick moments later and forward Kojo Obeng Jnr rose high to connect home.
The specific criticism of his performance is during the 58th minute where he disallowed a goal scored by the visitors from a corner kick.