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Simple English definitions for legal terms
escambium
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A quick definition of escambium:
Term: Escambium
Definition: Escambium is a type of contract where two parties agree to exchange money for money. It is also known as a bill of exchange. In the past, many forms of escambium were not allowed because they were considered usury, but they became more accepted over time. It is a fair way to compensate someone for their trouble and risk.
A more thorough explanation:
Definition: Escambium is a mercantile contract in which the parties agree to exchange money for money, also known as a bill of exchange.
Example: If a person in the United States agrees to pay a sum of money to someone in Europe in exchange for money received in the United States, it is called escambium.
Explanation: The example illustrates the definition of escambium as a contract where the parties agree to exchange money for money. In this case, the exchange is between two different locations, the United States and Europe. The contract is also known as a bill of exchange.