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Simple English definitions for legal terms
owe
Read a random definition: commission of appraisement and sale
A quick definition of owe:
Term: owe
Definition: When you owe someone, it means you have to give them money or something else of value. It's like a promise to pay back what you borrowed. But just because you owe someone doesn't mean you have to pay them right away. You only have to pay them when the time comes that you agreed upon.
A more thorough explanation:
Definition: To have a legal obligation to pay money to someone else. However, the amount owed is not necessarily "payable" until the due date arrives.
1. Sarah owes her landlord $500 in rent for the month of June. She has until the end of the month to pay it.
2. John owes his friend $20 for borrowing his bike. They agreed that he would pay him back next week.
3. The company owes its employees their salaries at the end of each month.
These examples illustrate the definition of "owe" by showing situations where someone has a legal obligation to pay money to someone else. In each example, there is an agreed upon amount that is owed, but it is not necessarily due immediately. The owed amount becomes "payable" only when the due date arrives.