14:39
And I am proud to have joined the ranks of the 96% lol
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LSDefine
Simple English definitions for legal terms
accomenda
Read a random definition: nomography
A quick definition of accomenda:
Accomenda: A type of contract made between a cargo owner and a shipmaster in the past. The contract allowed the shipmaster to sell the cargo and share the profits with the owner after deducting the owner's costs. The contract had two parts: a mandatum, which gave the shipmaster the power to sell the cargo, and a partnership contract, which divided the profits between the parties.
A more thorough explanation:
Definition: Accomenda (ak-uh-men-duh) is a historical maritime law contract between a cargo owner and a shipmaster. The contract involves the sale of the cargo, and the parties agree to divide the profits after deducting the owner's costs. The contract consists of two agreements: a mandatum, where the owner gives the shipmaster the power to dispose of the cargo, and a partnership contract, where the parties divide any profits arising from the sale.
Example: A cargo owner and a shipmaster enter into an accomenda contract. The cargo owner gives the shipmaster the power to sell the cargo, and they agree to divide the profits after deducting the owner's costs. The shipmaster sells the cargo and earns a profit of $10,000. After deducting the owner's costs of $2,000, they divide the remaining profit of $8,000 equally.
The example illustrates how an accomenda contract works, where the cargo owner and the shipmaster agree to sell the cargo and divide the profits.