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Simple English definitions for legal terms
liquidated
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A quick definition of liquidated:
Term: LIQUIDATED
Definition: When something is liquidated, it means that an amount of money or debt has been settled or agreed upon. It's like when you and your friend agree on how much money they owe you for borrowing your toy. Once you both agree on the amount, the debt is liquidated and settled.
A more thorough explanation:
Term: LIQUIDATEDDefinition: When an amount or debt is settled or determined, usually by agreement.
Example: The company had to sell some of its assets to pay off its liquidated debt.
Explanation: This example shows that the company had to sell some of its assets to pay off the debt that was determined or settled. The term "liquidated" is used to describe the process of settling or determining an amount or debt. Example: The landlord and tenant agreed to liquidate the security deposit to cover the damages.
Explanation: This example shows that the landlord and tenant agreed to use the security deposit to settle or determine the amount needed to cover the damages. The term "liquidated" is used to describe the process of settling or determining an amount or debt by agreement.