RoaldDahl
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Simple English definitions for legal terms
average
Read a random definition: quaerens nihil capiat per billam
A quick definition of average:
An average is a single value that represents a group of things. It can be the mean, median, or mode of a series of numbers. It is also the typical level or norm. In maritime law, it can refer to accidental partial loss or damage to a ship or its cargo during a voyage. There are different types of averages, such as general average, which is a contribution by all parties involved in a commercial voyage towards a loss sustained by some for the benefit of all, and particular average, which is a loss borne solely by the person who suffered it. The term "average" also has a historical meaning, referring to a service due from a feudal tenant to a lord, but its exact nature is unclear.
A more thorough explanation:
Definition: A single value that represents a broad sample of subjects; especially in mathematics, the mean, median, or mode of a series. The ordinary or typical level; the norm. In maritime law, accidental partial loss or damage to an insured ship or its cargo during a voyage.
- Mathematics: If you have a set of numbers, you can find the average by adding them all up and dividing by the number of values. For example, the average of 2, 4, and 6 is (2+4+6)/3 = 4.
- Maritime Law: If a ship is damaged during a voyage, the cost of the damage may be shared among all parties involved in the voyage. This is called general average. For example, if a ship has to jettison some cargo to avoid sinking, the cost of the lost cargo may be shared among all parties involved in the voyage.
These examples illustrate how the term "average" can be used in different contexts. In mathematics, the average is a way to represent a set of numbers with a single value. In maritime law, the average is a way to share the cost of accidental damage or loss among all parties involved in a voyage.