Warning
Info
Warning
Info
Simple English definitions for legal terms
payoff
Read a random definition: pour out
A quick definition of payoff:
A payoff is when someone receives a part of the money they earned, but they have to give some of it back to someone else. This can happen because of a secret agreement or when someone is forced to do it. It's like a secret payment that is not fair or honest. Sometimes, people use the word "kickback" instead of "payoff" to mean the same thing.
A more thorough explanation:
Definition: A payoff is a return of a portion of a monetary sum received, often as a result of coercion or a secret agreement.
Example: The contractor paid the city official a 5% payoff on the government contract.
Explanation: In this example, the contractor gave a portion of the money received from the government contract to the city official in exchange for some kind of favor or advantage. This is often illegal and unethical.
Definition: A kickback is a return of a portion of a monetary sum received, especially as a result of coercion or a secret agreement.
Example: The doctor received a kickback from the pharmaceutical company for prescribing their medication to patients.
Explanation: In this example, the doctor received a portion of the money paid by the pharmaceutical company in exchange for prescribing their medication to patients. This is often illegal and unethical.
Definition: A kicker is an extra charge or penalty, especially a charge added to a loan in addition to interest.
Example: The bank charged a kicker of 2% on the loan.
Explanation: In this example, the bank added an extra charge of 2% on top of the interest rate for the loan. This increases the total amount that the borrower has to pay back.
Definition: A kickout clause is a contractual provision allowing a party to end or modify the contract if a specified event occurs.
Example: The contract had a kickout clause that allowed the company to refuse to sell the land if it were unable to complete its acquisition of the new headquarters.
Explanation: In this example, the contract had a provision that allowed the company to back out of the sale of the land if they were unable to complete their acquisition of the new headquarters. This protects the company from being forced to sell the land if they are unable to complete the acquisition.