Simple English definitions for legal terms
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Term: TRANSFERABLE
Definition: Transferable means that something can be given to someone else, along with all the rights that the original owner had.
Definition: Transferable (trans-fər-ə-bəl) is an adjective that describes something that can be transferred from one person to another, along with all the rights that the original holder had.
Examples:
These examples illustrate how something that is transferable can be passed on to someone else, along with all the rights and benefits that come with it. For example, a transferable ticket to a concert can be sold to someone else who can then attend the concert in the original holder's place. Similarly, a transferable job contract allows an employee to move to a different department or location without losing their job or benefits. And a transferable warranty on a product means that if the product is sold, the new owner can still benefit from the warranty.