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LSDefine

Simple English definitions for legal terms

dry exchange

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A quick definition of dry exchange:

Dry exchange is a sneaky way of pretending to do a fair trade, but really only one person benefits. It's like when someone says they'll give you something in exchange for something else, but they don't actually give you anything. This was used a lot in the past to hide the fact that people were charging too much interest on loans, which was against the law. It's not a nice thing to do and it's not fair to the other person.

A more thorough explanation:

Definition: Dry exchange is a term used to describe a transaction that appears to involve both parties, but in reality, only one party benefits. It is a way of disguising usury, which is the practice of lending money at an excessively high rate of interest.

Example: Let's say that John wants to borrow $100 from Jane. Jane agrees to lend him the money, but only if he pays her back $150 in a week's time. This is an example of usury, which is illegal in many places. To make the transaction appear legitimate, they might agree to a dry exchange. John would give Jane a worthless item, like a piece of paper, and Jane would give John the $100. In a week's time, John would give Jane back the worthless item, and she would give him back $150. In reality, nothing of value has been exchanged, and Jane has charged John an excessive amount of interest.

Explanation: The example illustrates how a dry exchange can be used to disguise usury. By pretending to exchange something of value, both parties can make the transaction appear legitimate. However, in reality, only one party benefits, and the other is left worse off. This is why usury is illegal in many places, as it can be used to exploit vulnerable people who are in need of money.

dry check | dry hole

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General

General chat about the legal profession.
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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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