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Simple English definitions for legal terms
transact
Read a random definition: true residue
A quick definition of transact:
Term: TRANSACT
Definition: Transact means to do business or negotiate until it is finished. It can also mean to settle a disagreement by agreeing to something together. For example, if you go to a store and buy something, you are transacting business. If two people have an argument and they agree to a solution, they have transacted the dispute. Sometimes people may refuse to transact with someone they don't like or trust.
A more thorough explanation:
Definition: To carry out or conduct business, negotiations, or transactions to a conclusion.
Examples:
- They met to transact business and sign the contract.
- The company transacted a deal with their supplier.
- He refused to transact with the enemy during the war.
The examples illustrate how the term "transact" is used to describe the act of carrying out or conducting business, negotiations, or transactions to a conclusion. In the first example, people met to transact business and sign a contract, which means they conducted negotiations and reached an agreement. In the second example, the company transacted a deal with their supplier, which means they carried out a transaction to purchase goods or services. In the third example, the person refused to transact with the enemy, which means they refused to conduct any business or negotiations with them.