Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

composition

Read a random definition: alluviation

A quick definition of composition:

Composition is an agreement between someone who owes money and two or more people they owe money to. The agreement is that the person who owes money will pay less than what they owe to each creditor, and in return, the creditors will forgive the rest of the debt. This is called a composition with creditors. The person who owes money is then free from their debts to those creditors. Sometimes, the person who owes money will have to pay something as part of the agreement. In the past, composition was also used as a way to make up for hurting someone, by paying them money or giving them something valuable.

A more thorough explanation:

Definition: Composition refers to an agreement between a debtor and two or more creditors to settle an obligation for a lesser amount. It is an agreement among the debtor and creditors that the debtor will pay the creditors less than their full claims in full satisfaction of their claims.

For example, if a debtor owes $10,000 to two creditors, they may agree to pay $6,000 in total to settle the debt. Through the performance of this agreement, the debtor is discharged in full for the debts of the participating creditors.

Composition can also refer to the compensation paid as part of such an agreement.

In history, composition was also used to refer to a payment of money or chattels as satisfaction for an injury. In early societies, a composition with the injured party was recognized as a way to deter acts of revenge by the injured party.

For example, if someone caused an injury to another person, they could pay a composition to the injured party as a way to avoid retaliation or further conflict.

Overall, composition is an agreement between parties to settle an obligation for a lesser amount, and it can be used in various contexts such as debt settlement or injury compensation.

composite work | composition deed

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
body is just relaspsing
@ParallelAgreeableOrangutan: I was just putting in A's first, I also got rejected by Yale and WL at Chicago
ParallelAgreeableOrangutan
16:07
HI FRIEND guys a celebrity has entered the chat
ParallelAgreeableOrangutan
16:11
oh no it's a Friday fo pee em UMich R wave :(
16:17
i aint going outside no more
16:17
too many ticks
idk who we were talking about but I would also take mich $$ over hls
16:22
yay
sometimes I wonder why they gave me so much money
ParallelAgreeableOrangutan
16:33
because you're amazing and you deserve good things
16:40
awe yea
16:40
u gona be the best queenest lawyer ever
16:41
where llama
oh hey I just got a GW WL feeler
NosyBeagle
16:56
omg sloth u poop
ParallelAgreeableOrangutan
17:22
@JupitersMoons: !!! crossing fingers for you
17:42
yes i did thank u all for believing in me
17:50
hey chat!
17:50
@bigfatsloth: there she is ;)
Mostlylegal
18:04
Another day another no A
Yeah i got shit on last week so weird to go crickets this week
@ParallelAgreeableOrangutan: also ty I just sent a LOCI in email form. hope they don't hate it lmfao
18:05
Penn Dick gave me the R
what kind of a name is penn Carey law anyway
18:06
Penn gon Carry u to meat market that is the legal career field
18:06
Buy 1 get 1, Penn Carey Grads, get em while they are hot!
18:14
Notre Dame is crushing my soul
18:14
So excited every Friday
NosyBeagle
18:20
i talked to such a nice rep for penn dick like years ago and i put them on my list
NosyBeagle
18:20
God bless that lady
LSD+ is ad-free, with DMs, discounts, case briefs & more.