Simple English definitions for legal terms
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Term: LIQUID
Definition: Liquid means that something can be easily turned into money. For example, if you have a toy that you can sell quickly for cash, it is a liquid asset. If a person or company has things that they can sell quickly for money, they are considered to be liquid.
Definition: Liquid is an adjective used to describe assets that can be easily converted into cash. It can also describe a person or entity that possesses assets that can be readily converted into cash.
Examples:
The examples illustrate the definition of liquid by showing how assets or entities can be easily converted into cash. This is important because it allows individuals and companies to have access to funds when they need them, which can be crucial in certain situations.