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LSDefine
Simple English definitions for legal terms
correality
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A quick definition of correality:
Correality is a fancy word that describes a situation where two or more people owe money to someone else, or someone owes money to two or more people. If one person pays off the debt, then the obligation is over for everyone involved. It's like if you and your friends all borrowed money from your teacher to buy snacks, but then one friend pays back the whole amount, then everyone's debt is cleared. This is called correality.
A more thorough explanation:
Correality (kor-ee-al-uh-tee) is a legal term that describes the relationship between parties to an obligation that ends when a payment is made by one of two or more debtors to a creditor, or a payment is made by a debtor to one of two or more creditors.
For example, imagine that two people owe a debt to a creditor. If one of those people pays off the entire debt, the obligation between all parties is terminated. This is an example of correality.
Another example of correality is when multiple creditors are owed money by a debtor. If the debtor pays off one of the creditors in full, the obligation between all parties is terminated.
Correality is an important concept in legal proceedings because it determines when an obligation has been fulfilled and when legal action can no longer be taken against the parties involved.