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Simple English definitions for legal terms
transactio
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A quick definition of transactio:
A transactio is a legal term that refers to the act of giving up a disputed claim or defense in exchange for something else. It is often used in Roman law and involves making concessions to end a disagreement. In general, a transaction is any business deal or exchange between two or more people. It can also refer to an agreement made to prevent or resolve a dispute. An arm's-length transaction is one between unrelated parties, while a closed transaction is one where the amount gained or lost can be determined for tax purposes. A colorable transaction is a fake or pretend deal that looks real but is not.
A more thorough explanation:
Definition: Transactio (tran-sak-shee-oh) is a Latin term used in Roman law to refer to the renunciation of a contested claim or defense in litigation in exchange for something else. It is also used to describe the act of conducting business or other dealings, such as the formation, performance, or discharge of a contract.
Examples:
- John and Jane are in a legal dispute over a piece of property. They decide to settle the matter through a transactio, where John agrees to give up his claim to the property in exchange for Jane paying him a sum of money.
- When a company buys goods from a supplier, they engage in a transaction where the supplier provides the goods and the company pays for them.
- Two friends decide to start a business together. They form a partnership and agree to split the profits and losses equally. This is a transaction between two parties.
The examples illustrate the different ways in which transactio can be used. In the first example, John and Jane use transactio to settle a legal dispute. In the second example, a transaction takes place between a company and a supplier. In the third example, a transaction occurs between two friends who form a partnership. In all cases, transactio refers to an agreement or exchange between two or more parties.