Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

payoff

Read a random definition: le mort saisit le vif doctrine

A quick definition of payoff:

A payoff is when someone receives a part of the money they earned, but they have to give some of it back to someone else. This can happen because of a secret agreement or when someone is forced to do it. It's like a secret payment that is not fair or honest. Sometimes, people use the word "kickback" instead of "payoff" to mean the same thing.

A more thorough explanation:

Definition: A payoff is a return of a portion of a monetary sum received, often as a result of coercion or a secret agreement.

Example: The contractor paid the city official a 5% payoff on the government contract.

Explanation: In this example, the contractor gave a portion of the money received from the government contract to the city official in exchange for some kind of favor or advantage. This is often illegal and unethical.

Definition: A kickback is a return of a portion of a monetary sum received, especially as a result of coercion or a secret agreement.

Example: The doctor received a kickback from the pharmaceutical company for prescribing their medication to patients.

Explanation: In this example, the doctor received a portion of the money paid by the pharmaceutical company in exchange for prescribing their medication to patients. This is often illegal and unethical.

Definition: A kicker is an extra charge or penalty, especially a charge added to a loan in addition to interest.

Example: The bank charged a kicker of 2% on the loan.

Explanation: In this example, the bank added an extra charge of 2% on top of the interest rate for the loan. This increases the total amount that the borrower has to pay back.

Definition: A kickout clause is a contractual provision allowing a party to end or modify the contract if a specified event occurs.

Example: The contract had a kickout clause that allowed the company to refuse to sell the land if it were unable to complete its acquisition of the new headquarters.

Explanation: In this example, the contract had a provision that allowed the company to back out of the sale of the land if they were unable to complete their acquisition of the new headquarters. This protects the company from being forced to sell the land if they are unable to complete the acquisition.

payment date | payola

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
RoaldDahl
16:15
So if it means nothing does that mean something?
HopefullyInLawSchool
16:17
Possibly
RoaldDahl
16:26
Cool
RoaldDahl
16:26
thank you!!!! i hope it means something
pinkandblue
16:31
fart
IrishDinosaur
16:36
Mich R gang lesgooo
Did anyone else get that random get to know nova email?
HopefullyInLawSchool
17:21
Ya it was sent to all YM applicants
starfishies
17:37
Anyone get the NDLS email inviting you to apply for something even though they haven’t made a decision on your app yet
17:38
Better yet I got the email and I was rejected last month
starfishies
17:38
Wtf
starfishies
17:39
and the deadline is in like a week what is this
any cardozo movement?
BatmanBeyond
18:01
Sent a LOCI via portal, but I'm wondering if email would have gotten me a swifter response
BatmanBeyond
18:02
This whole hold/wait-list/reserve system is a headache
loci already?
BatmanBeyond
18:09
If the odds are like 1-2% I don't think it matters much by the numbers
12:11
I got the same NDLS email
OrangeThing
12:18
I think the user profiles are broken
19:29
Any word out of Notre Dame?
19:29
Only the invitation to apply for LSE
19:29
Anyone received a decision from NDLS?
19:50
when did u guys apply that just heard from umich? they havent even glanced at my app yet
0:30
how am i supposed to spy on people when profile links are broken?
Right. Broken links smh
I've been UR since first/second week of Jan, no updates otherwise, is that a bad sign? At or above median LSAT and above 75th gpa.
The profile links are not working for me. anybody else?
13:18
i’m in the same boat mastermonkey but with lower stats. i hope i hear back by mid march
CheeseIsMyLoveLanguage
13:24
@mastermonkey45: Looking at some of the recent decisions in relation to when they went complete, I'd say it's a good sign. It seems many declines were sent within about 5-6 weeks of completion. Given those were applications that were SENT in January, I'd say that means you're still solidly in the running. :)
14:30
Sent an app to OSU in early december and have STILL not heard back
LSD+ is ad-free, with DMs, discounts, case briefs & more.