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LSDefine

Simple English definitions for legal terms

mutual debts

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A quick definition of mutual debts:

Mutual debts are when two people owe each other money for the same thing. For example, if John owes Jane $100 for a loan, but Jane also owes John $50 for a different loan, they have mutual debts. It means that they can cancel out each other's debts and only pay the difference. Mutual debts are like a trade where both parties owe each other something.

A more thorough explanation:

Mutual debts refer to cross-debts of the same kind and quality between two persons. This means that two people owe each other money for the same type of debt. For example, if John owes Jane $100 for a loan, but Jane also owes John $50 for a separate loan, they have mutual debts.

This concept is important in legal cases where both parties owe each other money. Instead of paying each other separately, they can offset their debts and only pay the difference. For instance, if John owes Jane $100 and Jane owes John $50, John can pay Jane $50 and they will be even.

Another example of mutual debts is when two companies owe each other money for goods or services provided. If Company A owes Company B $500 for a shipment of products, but Company B also owes Company A $300 for a previous order, they have mutual debts.

Mutual debts can simplify the payment process and reduce the amount of money that needs to be exchanged between parties.

mutual contract | mutual demands

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21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
Minus those random R decisions from UMN yesterday though right? I wonder what happened there. I don’t think I’ve seen a school start the season out with anything but As on here
almost all of my apps have been UR for 6 weeks at this point I feel exhausted waiting for them to finish
Irvine is being snobby and wont start any review until end of Nov.
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