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LSDefine

Simple English definitions for legal terms

mutual account

Read a random definition: mixed war

A quick definition of mutual account:

A mutual account is a type of account that shows transactions between two parties, where both parties owe each other money. It's like a running tally of what each person owes the other. For example, if you borrow $10 from your friend and then lend them $5, you would have a mutual account with a balance of $5 that you owe them. It's important to keep track of mutual accounts to make sure everyone is paid back what they are owed.

A more thorough explanation:

Definition: A mutual account is an account that shows mutual transactions between parties, such as debits and credits on both sides of the account. It arises when there are mutual dealings, and the account is allowed to run with a view to an ultimate adjustment of the balance. Each party to a mutual account occupies both a debtor and creditor relation with regard to the other party.

Example: A mutual account can be created between two business partners who have mutual dealings. For example, if one partner owes the other partner money for goods or services, and the other partner owes the first partner money for other goods or services, they can create a mutual account to keep track of their transactions. The account will show debits and credits on both sides, and the balance will be adjusted when the account is settled.

This example illustrates the definition of a mutual account because it shows how two parties can use a mutual account to keep track of their mutual transactions. The account will show the debits and credits on both sides, and the balance will be adjusted when the account is settled.

mutiny | mutual affray

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letsseehowitgoesnow
11:11
...
triplethread
11:11
@BookLover125: RETWEET
triplethread
11:12
is it bad i lied about getting into case western bc my parents are bugging me about my first a
@BookLover125: they are so impressed with your application they are renaming the library after you before admitting you
Do you know not everyone says they were ED?
11:12
No they shouldn’t be bugging you this is stressful enough without them adding More. Do what u gotta do
11:13
Got jokes I see
triplethread
11:13
its sooo stressful and im not even done applying
Just apply and get the A lol
triplethread
11:13
got like 3 more apps
there should be a law school draft akin to the NFL Draft where law schools can recruit us
or a MaxPreps esque high light video where Deans can rank us
1a2b3c4d26z
11:15
In this analogy is the LSAT the NFL combine
JumpySubsequentDolphin
11:16
I told my family I won’t get any decisions until 2025 so they wouldn’t bombard me hahah
no i think there should be a Law School combine with all new drills except there is still the 40 yard dash
and a sub 4.5 gets you into any t14
LSAT can be one of the drills
letsseehowitgoesnow
11:17
so washu only called one person
So all the D1 athletes will get into a T-14. What else is new?
@TheAdoptedOne: that is called "Dean Poker Night" lol
@ClockworkBlue: I feel like most people could train for the 40 for the same amount of time as they do the LSAT and get close to sub 5 which would be equivalent to a 167+
this is like the schizophrenic posts JJK tik tok be putting out
powerscaling Law School deans up next
11:19
Election Day election day
Write in Dean Z vote
11:20
Saw a guy that wrote in Biden and he said no retirement for you buddy
1a2b3c4d26z
11:20
@ClockworkBlue: god I hope that's true
if the country was run the same as Mich Law it would be a better place
Imagine if election night was run by an adcom? Like, "yep, we could get the results Friday, or June 2025."
imagine if it was like Berkley applications
LSD+ is ad-free, with DMs, discounts, case briefs & more.