Warning

Info

LSDefine

Simple English definitions for legal terms

transaction

Read a random definition: Negligence

A quick definition of transaction:

A transaction is when two or more people or businesses make a deal or agreement. This can involve buying or selling something, or making a promise to do something. Sometimes, people make a transaction to avoid a fight or disagreement. This is called a compromise or settlement.

A more thorough explanation:

In business law, a transaction refers to an event that involves business dealings between two or more parties. This event includes the formation and performance of an obligation or contract. The term transaction is commonly used in real estate and mergers and acquisitions markets.

In civil law, a transaction may refer to an agreement made between two or more parties to prevent or end a dispute that could lead to litigation. This agreement is often written in the form of a contract and is also known as a compromise or settlement.

For example, when a person buys a house, it is considered a transaction between the buyer and the seller. The buyer agrees to pay a certain amount of money, and the seller agrees to transfer ownership of the property. In this case, a contract is formed, and both parties have obligations to fulfill.

Another example is when two parties are involved in a legal dispute, and they decide to settle the matter outside of court. They may reach a transaction where they make reciprocal concessions to end the dispute. This agreement is binding, and both parties must fulfill their obligations as outlined in the contract.

Overall, a transaction is an essential aspect of business and legal dealings, and it involves the formation and performance of obligations or contracts between two or more parties.

trafficking | Transcarceration

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
im so dumb its literally Saturday
bbq it is
law school has made me unaware of the days of the week
me too, me too
amlaw
17:40
do you guys want to hear my newest irrational fear
[] ararara
18:18
That you have so much fun tonight dancing after the sun goes down you fall in love but way too hard and your heart pops!
[] ararara
18:19
Hi wherever you are hope you have a great Saturday! Stay hydrated!
hydrating! 👹
[] ararara
19:12
Hahah lolll show those fools your dance moves!! I am actually about to start working until about 4 in the morning so I can go out of town Tuesday so avenge me!
[] ararara
19:12
I came face to face with an Amazon worker on prime day though and that was crazy. Don’t think I’ll ever forget that. They looked completely drained it was insane.
rip to that young lad, wishing them hydration and days off from work. don’t work yourself too hard ara! chronic stress kills!
[] ararara
19:16
Thanks wasp right back at you! You too! This work is really interesting! It’s one of three jobs where it’s been hard to stop before school starts for sure.
babybunny
22:59
you have to be the art hoe gf u want to see in the world
willing
manifestmoreadmissions
0:24
bunny i am trying so hard idk if i can cut it
amlaw what's your fear
amlaw
10:02
that i got rejected from washu and just didn't see the email even though i've checked my spam and everything because they don't change their portals at all
that sucks :(
amlaw
10:36
and i know its crazy lol
hahaha yes it is crazy lol
babybunny
15:03
Heard Biden dropped out of the race. Made me remember when you said bye den dropped out of my life. You'll always be my first choice nominee. No need to text back
amlaw
15:03
i have never fully comprehended any of your messages bunny
when you said bye den dropped out of my life
i have a 3.38 and hope to get a 175+ on the LSAT
Does anyone know which schools place in federal positions outside of T14? UT,SMU, TAMU, George Mason, George Washington, ASU)
odds for sls waitlist this cycle?
Justvibin123
18:33
Who ever is accepted at Wayne state and is not attending can you please withdraw your app 🥹
LSD+ is ad-free, with DMs, discounts, case briefs & more.