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Simple English definitions for legal terms
compromissum
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A quick definition of compromissum:
Term: Compromissum
Definition: Compromissum is a Latin term that means a mutual agreement to submit a disagreement to arbitration. In simpler terms, it is an agreement between two parties to let a third party decide on a dispute.
Term: Compte Arrêté
Definition: Compte Arrêté is a French term that means a settled account. It refers to an account that has been written down and acknowledged by the party against whom it is stated to be correct. In simpler terms, it is an agreement between two parties that the account is correct and no further changes need to be made.
A more thorough explanation:
Definition: Compromissum is a legal term that refers to an agreement between two parties to submit a dispute to arbitration. In simpler terms, it means that two parties agree to let a neutral third party make a decision about a disagreement they have.
Example: If two people have a disagreement about a contract, they might agree to a compromissum and let an arbitrator decide who is right. This can be a faster and less expensive way to resolve a dispute than going to court.
Definition: Compte arrêté is a French term that means "settled account." It refers to an account that has been agreed upon by both parties and is considered correct.
Example: If you owe your friend money, you might keep track of what you owe in a notebook. When you pay your friend back, you might both agree that the notebook is correct and that the account is settled. This is an example of a compte arrêté.