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Simple English definitions for legal terms

creditors' composition

Read a random definition: Berne Copyright Convention

A quick definition of creditors' composition:

Creditors' composition is an agreement between a person who owes money (a debtor) and two or more people they owe money to (creditors). The agreement is that the debtor will pay the creditors less than what they owe in order to settle the debt. This is called a composition. The creditors agree to this because they would rather get some of their money back than none at all. Once the agreement is completed, the debtor is no longer responsible for the full amount owed to the participating creditors. This type of agreement is different from the preexisting-duty rule, which says that a person cannot get out of a debt by promising to do something they were already obligated to do. In a creditors' composition, each creditor agrees to take less than what they are owed, so there is new consideration for the agreement. In the past, a composition could also mean paying someone money or goods to make up for harm done to them, but this is not the common meaning today.

A more thorough explanation:

Creditors' composition is an agreement between a debtor (someone who owes money) and two or more creditors (people or companies who are owed money) to adjust or discharge an obligation for a lesser amount. This means that the debtor will pay the creditors less than what they are owed, but in full satisfaction of their claims.

For example, if a debtor owes $10,000 to two creditors, they may agree to pay each creditor $5,000 instead of the full amount owed. Through this agreement, the debtor is discharged (released) from their debts to the participating creditors.

This type of agreement is different from the preexisting-duty rule, which means that a debtor cannot use an agreement to pay less than what they owe if they already had a legal obligation to pay the full amount. However, in a creditors' composition, each creditor agrees to take less than full payment, so consideration (something of value) arises from the agreement.

Historically, a composition with the injured party was recognized as a way to deter acts of revenge by the injured party. For example, in Anglo-Saxon societies, a person who caused an injury could pay a composition (a payment of money or chattels) to the injured party as satisfaction for the injury, instead of facing revenge or punishment.

creditors' committee | creditors' meeting

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11:19
Election Day election day
Write in Dean Z vote
11:20
Saw a guy that wrote in Biden and he said no retirement for you buddy
1a2b3c4d26z
11:20
@ClockworkBlue: god I hope that's true
if the country was run the same as Mich Law it would be a better place
Imagine if election night was run by an adcom? Like, "yep, we could get the results Friday, or June 2025."
imagine if it was like Berkley applications
1a2b3c4d26z
11:22
Election status: Complete
1a2b3c4d26z
11:22
For months
triplethread
11:23
erection day
soapy
11:23
Shoutout to Robinhood's election bet not resolving until January
triplethread
11:23
is anyone else like certain that trump will win
ambitiouslizard
11:23
he aint winning
triplethread
11:23
i like being a pessimist
ambitiouslizard
11:24
he lost his re-election, why would he win this one?
1a2b3c4d26z
11:25
I have no idea why people have so much beef w berkeley's app
I've been reading a bit about "herding," which is this idea that pollsters are making the race look tied so they look right no matter who wins.
1a2b3c4d26z
11:26
Like... it's a more involved app but you don't have to do it? They're clearly trying to have some self-selection go on
I 100% agree with the self selection, I also am not even close to touching the medians there. However I think the huge PS plus the video and especially the very specific criteria for the why Berkeley essay is pretty crazy
I'm curious, how bold can one be in those videos? Is it worth making a satirical Jason Statham-action short if the adcoms have no sense of humor?
the more risk you take the higher chance of it backfiring
my instinct would be low humor bc if they have such a complex application I would feel hesitant to use a major part of it as a joke. They clearly take their admissions seriously and a joke video might convey the wrong thing at the wrong time. I think that humor is best put into a PS anecdote where it adds some shine to your personality
safe is always better
All good points
triplethread
11:34
@TheAdoptedOne: amazing
I almost did one for Vanderbilt and my idea was to do a documentary-style vid where I and others talked about me like it was an ESPN 30 for 30.
1a2b3c4d26z
11:36
I was risky in maybe one or two of my essays in that some parts read as slightly humorous, but I really tried to suss out the vibe for each school. I feel like Berk and UMich may be more accommodating of a more "out there" approach than other schools I applied to
1a2b3c4d26z
11:37
but that's literally just going off vibes
it looks like Berk vid is in response to a known prompt. My thinking is it may be a counter to AI by getting people to have to respond to what is essentially an essay prompt but on video
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