16:52
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LSDefine
Simple English definitions for legal terms
loan for consumption
Read a random definition: EPR
A quick definition of loan for consumption:
A loan for consumption is when someone borrows something from someone else to use or consume, with the agreement that they will return something of the same type, quantity, and quality. For example, if someone borrows a book from a friend, they are expected to return the same book in the same condition.
A more thorough explanation:
A loan for consumption is an agreement between a lender and a borrower where the lender provides goods to the borrower for consumption. The borrower is obligated to return goods of the same quantity, type, and quality to the lender.
Example 1: John borrows a bag of rice from his neighbor. He consumes the rice and is obligated to return the same quantity, type, and quality of rice to his neighbor.
Example 2: Sarah borrows a dress from her friend for a party. She wears the dress and returns the same dress to her friend after the party.
These examples illustrate the concept of a loan for consumption. In both cases, the borrower receives goods from the lender for consumption and is obligated to return the same goods to the lender. This type of loan is different from a loan for use, where the borrower is allowed to use the goods but not consume them.