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Simple English definitions for legal terms
new acquisition
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A quick definition of new acquisition:
New Acquisition: When someone gets something that they didn't have before, it's called an acquisition. A new acquisition is something that they got on their own, without it being given to them by their family or inherited from someone else. For example, if someone buys a new house with their own money, that's a new acquisition.
A more thorough explanation:
Definition: New acquisition refers to something that is obtained or gained by an individual or organization, which did not come from their family or previous ownership.
Examples:
- An individual buying a new house that was not inherited or gifted to them.
- A company purchasing a new business that was not previously owned by them.
These examples illustrate the definition of new acquisition as they both involve obtaining something that was not previously owned or inherited. In the case of an individual buying a new house, it means that they have acquired a property that was not passed down to them from their family. Similarly, in the case of a company purchasing a new business, it means that they have acquired a company that was not previously owned by them.