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Simple English definitions for legal terms
mutual release
Read a random definition: debt retirement
A quick definition of mutual release:
A mutual release is when two or more people agree to let go of any legal claims they have against each other at the same time. It's like saying "I won't sue you if you don't sue me." This can happen when people want to settle a dispute or end a contract. A release can also be a written document that says someone is giving up their rights to something, like a job or property. When someone is released from prison, it means they are free to go and don't have to stay in jail anymore.
A more thorough explanation:
Mutual release is a legal term that refers to a simultaneous exchange of releases of legal claims held by two or more parties against each other.
For example, if two people have a dispute over a contract, they may agree to a mutual release where they both give up their right to sue each other over the contract.
This means that neither party can take legal action against the other for any claims related to the contract. It is a way to resolve disputes without going to court.
Another example of mutual release is when two companies have a patent dispute. They may agree to a mutual release where they both give up their right to sue each other over the patent.
This means that neither company can take legal action against the other for any claims related to the patent. It is a way to resolve disputes without going to court.