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Simple English definitions for legal terms
full settlement
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A quick definition of full settlement:
Full settlement refers to a complete agreement between two parties to end a dispute or lawsuit. It can also refer to the conveyance of property to beneficiaries in a way that differs from what they would receive as heirs. In some cases, a court may be involved in the settlement process, but it can also be reached outside of court. A structured settlement is one where the defendant agrees to pay periodic sums to the plaintiff for a specified time. Viatical settlements are transactions where a terminally or chronically ill person sells the benefits of a life-insurance policy to a third party in return for a lump-sum cash payment. The establishment of a legal residence is also referred to as settlement.A more thorough explanation:
Definition: Full settlement refers to the settlement and release of all pending claims between the parties. It is a legal agreement that ends a dispute or lawsuit.
For example, if two parties are involved in a legal dispute, they may reach a full settlement agreement to resolve the issue. This agreement would release both parties from any further legal action related to the dispute.
Full settlement can also refer to the complete execution of an estate by the executor. This means that all the assets and debts of the estate have been distributed and settled according to the wishes of the deceased.
Another example of full settlement is in structured settlements, which are common in personal injury and product liability cases. In a structured settlement, the defendant agrees to pay periodic sums to the plaintiff for a specified time. This type of settlement may have advantages over a lump-sum cash payment, as it can serve particular purposes that a cash settlement could not reach.
Overall, full settlement is a legal agreement that brings an end to a dispute or lawsuit, or the complete execution of an estate by the executor.