Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

simple-contract debt

Read a random definition: deceit

A quick definition of simple-contract debt:

Simple-contract debt is a type of debt that is not recorded or sealed, and can be either written or spoken. It is an agreement between two parties where one owes the other a specific amount of money. This type of debt is different from other types of debt, such as secured debt, which is backed by collateral, or debt of record, which is evidenced by a court record. Simple-contract debt can be created by any type of agreement, whether it is written or verbal.

A more thorough explanation:

Simple-contract debt is a type of debt that is either oral or written but is not of record and not under seal. It refers to a liability on a claim, a specific sum of money due by agreement or otherwise.

Examples of simple-contract debt include:

  • A loan between friends that is not documented
  • A credit card debt that is not secured by collateral
  • An agreement to pay for services rendered

These examples illustrate how simple-contract debt can arise from informal agreements between individuals or entities. Unlike debts of record or debts by special contract, simple-contract debts are not backed by a formal legal document.

simple average | simple interest

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
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
Mostlylegal
18:34
Legit makes no sense that nd has accepted literally nobody still
18:35
manybe ND is taking a sabbatical?
got a gw wl->A!!!
NosyBeagle
18:46
yay! congrats
nice kiwi!!!!!
is that your first a?! :D
yes it is!! thanks guys
ugh so stoked for you
Did they give you scholly information???\
yeah they gave me 150k!
(not gendered) girl CONGRATS
you gonna go? :D
yeah I think so!! my goal was either nyc or dc so im super happy w it
so stoked for you. congrats. i imagine your previous decisions had been a little crushing. very happy your app got the recognition it deserved
18:55
@RoyalReadyKiwi: lessgo stay winning :D awesome work!!!
thank you so much guys!!! means a lot :D
CONGRATS ROYAL YASSSS
i feel like i live in my bubble because i'm seeing people talk about other people abusing time accommodations for the lsat and my first reaction was "they are?"
LSD+ is ad-free, with DMs, discounts, case briefs & more.