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LSDefine

Simple English definitions for legal terms

conventional interest

Read a random definition: Motion For Summary Judgment

A quick definition of conventional interest:

Conventional interest is when someone earns money by lending it to someone else. It's like when you give your friend some money and they promise to pay you back with a little extra. That extra money is the interest. Interest can also mean having a legal right to something, like a piece of property or money. There are different types of interests, like a direct interest which is a definite right, or a contingent interest which you can only get if something else happens first.

A more thorough explanation:

Conventional interest is a type of interest that is agreed upon by both parties in a financial transaction. It refers to the amount of money that a borrower agrees to pay a lender in exchange for borrowing money.

For example, if you take out a loan from a bank, you will have to pay back the amount you borrowed plus interest. The interest rate is agreed upon by both you and the bank, and it is usually expressed as a percentage of the amount borrowed.

Another example of conventional interest is the interest you earn on a savings account. When you deposit money into a savings account, the bank pays you interest on that money. The interest rate is agreed upon by both you and the bank, and it is usually expressed as a percentage of the amount deposited.

Overall, conventional interest is a common aspect of financial transactions and is used to compensate lenders for the use of their money.

conventional custom | conventionalism

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texaslawhopefully
15:46
That's the best mentality
texaslawhopefully
15:46
If I get into UChicago it will be CYS
lilypadfrog
15:48
waspy I’m sure he meant to clarify that CYS is Cornell Yale Stanford
yeah just making sure
I look really good in blue tho
obviously cornell is t3
cumsock
15:49
someone from my undergrad is going to columbia for a masters in social work and the way they are talking to me im pretty sure they think thats as hard to get accepted to as columbia law
every prof at cornell glazes it so hard
GreyCeaselessMammoth
15:50
i know so many heads going to various schools for random masters degrees and its like babe its not the sameeee
cumsock
15:50
"The acceptance rate for the Master of Science in Social Work (MSW) program at Columbia University is 74%" does he know?
15:50
@cumsock: some battles are won by avoiding fighting them
cumsock
15:51
im not i just wish normies knew its not the same
Trismegistus
15:51
i need chicago so badly
15:51
for suresies
lilypadfrog
15:52
llama do you think we’re besties? I kinda think we’re besties
JumpySubsequentDolphin
15:52
@GreyCeaselessMammoth: PLS I know a girl who got a master’s at Columbia for some random niche thing and she told EVERYBODY SHES GOING TO COLUMBIA LAW SCHOOL
GreyCeaselessMammoth
15:52
WHAT???
15:53
@JumpySubsequentDolphin: I can respect the hustle.
GreyCeaselessMammoth
15:53
penn r
GreyCeaselessMammoth
15:53
called it
15:53
i have two old classmates going to columbia for like social work
15:53
@lilypadfrog: that depends. flash ur mod badge to find out
soyalmondoatmilk
15:54
penn R too bruh
GreyCeaselessMammoth
15:55
luigi arc ended :(
15:56
you can be driven insane by chronic back pain anywhere :)
[M] lilypadfrog
15:57
@llama: if you insist
Trismegistus
15:57
STILL NOTHING?
Trismegistus
15:57
for me
RightPlant
15:57
anything from nyu?
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