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Simple English definitions for legal terms
debitum in praesenti solvendum in futuro
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A quick definition of debitum in praesenti solvendum in futuro:
Debitum in praesenti solvendum in futuro: This is a fancy Latin phrase that means you owe someone money right now, but you don't have to pay it back until later. It's like borrowing money from a friend and promising to pay them back next month. The debt is already there, but you don't have to give them the money until the future.
A more thorough explanation:
Definition: Debitum in praesenti solvendum in futuro is a Latin term that refers to a present debt or obligation that is to be paid at a future time. It is a debt or obligation that is complete when contracted, but the performance cannot be required until some future period.
One example of debitum in praesenti solvendum in futuro is a loan agreement. When a person takes out a loan, they are contracting a debt that is complete at the time of the agreement. However, the repayment of the loan cannot be required until a future date, usually with interest.
Another example is a contract for services. When a company hires a contractor to perform a service, they are contracting a debt that is complete at the time of the agreement. However, the payment for the service cannot be required until the service is completed.
These examples illustrate the definition of debitum in praesenti solvendum in futuro because they both involve a present debt or obligation that is complete at the time of the agreement, but the performance or payment cannot be required until a future time.