What is the definition of a sale at arm's length?
Canada (Federal), Canada
The following excerpt is from Crawford & Co. Ltd. v. M.N.R., 1999 CanLII 352 (TCC):
In the United States the term "arm's length" was defined in the case of Campana Corporation v. Harrison (7 Circ; 1940) 114 F2d 400, 25 AFTR 648, as follows: "A sale at arm's length connotes a sale between parties with adverse economic interests."
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