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Simple English definitions for legal terms
call
Read a random definition: examination report
A quick definition of call:
Call: To ask for something or to use an option. In legal terms, calling an option means choosing to buy an asset at a certain price. Calling in debt means asking for payment. Calling a meeting means starting the meeting.
A more thorough explanation:
Definition: Call generally means to request or to use an option. In legal context, call has different meanings:
- A person “calls” an option when they choose to use a call option for buying an asset. For example, if a person has a call option to buy 100 shares of a company at $50 per share, they can "call" the option and buy the shares at that price.
- A person calls in debt owed to them from someone by requesting payment. For instance, if someone owes you money, you can "call" them and ask them to pay you back.
- The Speaker of the House calls a meeting to order. This means that the Speaker starts the meeting and asks everyone to pay attention and follow the rules.
These examples illustrate how "call" can be used in different contexts, but they all involve making a request or using an option.