Simple English definitions for legal terms
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Term: FLIP
Definition: Flip means to buy something like stocks or property and then sell it quickly to make a profit. It can also mean to change your mind and help the police by telling them what you know about a crime.
Definition: To buy and quickly sell securities or real estate in order to make a profit. It can also refer to refinancing consumer loans or turning state's evidence.
The examples illustrate the different ways the term "flip" can be used. In the first two examples, "flip" refers to buying and selling assets quickly for a profit. In the third example, "flip" is used in the context of turning state's evidence, which means cooperating with prosecutors and testifying against other criminal defendants in exchange for a reduced sentence.