Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

dry exchange

Read a random definition: independent-significance doctrine

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

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
LSD+ is ad-free, with DMs, discounts, case briefs & more.