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Simple English definitions for legal terms

running account

Read a random definition: eleemosynaria

A quick definition of running account:

A running account is a type of record that shows the money that two people owe each other. It's like a list of all the things they've bought or sold to each other, and how much they still need to pay or be paid. It's important to keep track of a running account so that both people know how much they owe or are owed.

A more thorough explanation:

A running account is an open and unsettled account that shows the reciprocal demands between parties. It is a type of account that exhibits ongoing debit and credit entries by two parties and has a fluctuating balance until either party finds it convenient to settle and close, at which time there is a single liability.

For example, if a customer buys goods on credit from a supplier, a running account is created. The supplier records the sale as a credit to the customer's account, and the customer records the purchase as a debit to their account. As the customer continues to buy goods on credit, the supplier adds more credits to the account, and the customer adds more debits. The balance of the account keeps changing until the customer pays off the debt, at which point the account is settled.

Another example of a running account is a bank account that has ongoing transactions, such as deposits and withdrawals, and a fluctuating balance until the account holder decides to close the account.

runner | running-down clause

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Zenaida-Macroura
14:24
Are weekend admissions decision common or is that just when people choose to update their statuses loool?
Zenaida-Macroura
15:36
@BankruptcyAndRestructuringLawIsCool: SIGH..
manifestmoreadmissions
21:08
is anyone thinking of heavily utilizing an ipad during school? people keep bringing it up when i think about supplies and stuff but im curious about what y'all think too
KnowledgeableRitzyWasp
21:19
i didnt like ipads in undergrad, but a lot of the really competent people would swear by them
manifestmoreadmissions
21:19
i wish i were competent so bad
manifestmoreadmissions
21:20
but that makes sense ty
KnowledgeableRitzyWasp
21:23
lmao me2
KnowledgeableRitzyWasp
21:24
let me know if you figure out how to be competent i would like tips
Hi! I’m a rising 3L at GULC who transferred and is in big law now. Does anyone have any questions lol
22:53
can you put a good word in for me with adcommns?
@georgiapeach88: Where did you transfer from? And why did you transfer?
Oh, I see from your profile: Maryland. Still, why did you transfer?
[] ararara
23:38
Caught the most epic sunset haha I was so high up my ears still haven’t popped
[] ararara
23:38
@georgiapeach88: I actually remember you from some of the first times I was on this site
Just out of curiosity: Do we think it's fair to say that the percentage of users of those site who continue to use it after their 1L starts, for those users who actually went or go to law school, is <1%?
manifestmoreadmissions
11:44
@georgiapeach88: not sure if you're still there but im also curious bout why you transferred, especially since your application says you were eventually admitted to GULC off the waitlist?
BelligerentMagicalWarthog
13:35
do we think GULC is done
KnowledgeableRitzyWasp
17:45
@BelligerentMagicalWarthog: last year they were accepting people off the waitlist from mid june up to a few days before classes start. so just off that and vibes I don't think they're done
Hi Guys
23:06
gulc said they'll get back to me by the week of june 17th
23:06
i hope they give me the a or r. i just want an answer 😭😭
has anyone on GW waitlist heard anything?
KnowledgeableRitzyWasp
23:55
@menherachan: praying for your WL A
0:13
@menherachan: i hope they give u that A as well
tysm! i hope so too lol
Hello everyone. Is it easy to miss important information about your admissions results if you don’t add your law school admission office to your Gmail contact? Did you find any important email from law school in your junk mail?
finna make yo hard times look pretty 😪
i watch my grandpa say penis
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