Simple English definitions for legal terms
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A transactio is a legal term that refers to the act of giving up a disputed claim or defense in exchange for something else. It is often used in Roman law and involves making concessions to end a disagreement. In general, a transaction is any business deal or exchange between two or more people. It can also refer to an agreement made to prevent or resolve a dispute. An arm's-length transaction is one between unrelated parties, while a closed transaction is one where the amount gained or lost can be determined for tax purposes. A colorable transaction is a fake or pretend deal that looks real but is not.
Definition: Transactio (tran-sak-shee-oh) is a Latin term used in Roman law to refer to the renunciation of a contested claim or defense in litigation in exchange for something else. It is also used to describe the act of conducting business or other dealings, such as the formation, performance, or discharge of a contract.
Examples:
The examples illustrate the different ways in which transactio can be used. In the first example, John and Jane use transactio to settle a legal dispute. In the second example, a transaction takes place between a company and a supplier. In the third example, a transaction occurs between two friends who form a partnership. In all cases, transactio refers to an agreement or exchange between two or more parties.