Legal Definition and Related Resources of Transaction
Meaning of Transaction
A word of general import meaning a group of facts so connected together as to be referred to by a single name; as a crime , contract , a wrong .
Transaction Alternative Definition
(from Lat. trans and ago, to carry over) . Whatever may be done by one person which affects another’s rights and out of which cause of action may arise. 151 Wis. 266, 271; 143 Wis. 664, 572, 128 N. W. 445; the doing or the performing of any affair, management of any matter; as the transactiqji of business; that which is done or m the process of being done; an affair. 149 la. 645, 660. In civil law. An agreement between two or more persons, who, for the purpose of preventing or putting an end to a lawsuit, adjust their difference, by mutual consent, in the manner which they agree on. In Louisiana this contract must be reduced to writing. Civ. Code La. art. 3038. Transactions regulate only the differences which appear to be clearly comprehended in them by the inteiitions of the parties, whether they be explained in a general or particular manner, unless ‘ it be the necessary consequence of what is expressed; and they do not extend to differences which the parties never intended to include in them. Civ. Code La. art. 3040. To transact, a man must have the’ capacity to dispose of the things included in the transaction. 1 Domit, Lois Civ. 1. 13. 1; Dig. 2. 15. 1; Code, 2. 4. 41. In the common law, this is called a compromise. See “Compromise.”
Synonyms of Transaction
- undertaking Associated Concepts: arms length transaction
- transacting business
- transactional immunity foreign phrases: Res inter alios judicatae nullum aliis praejudicium faciunt
- Transactions between strangers ought not to injure those who are not parties to them
Related Entries of Transaction in the Encyclopedia of Law Project
Browse or run a search for Transaction in the American Encyclopedia of Law, the Asian Encyclopedia of Law, the European Encyclopedia of Law, the UK Encyclopedia of Law or the Latin American and Spanish Encyclopedia of Law.
Transaction in Historical Law
You might be interested in the historical meaning of this term. Browse or search for Transaction in Historical Law in the Encyclopedia of Law.
Legal Abbreviations and Acronyms
Search for legal acronyms and/or abbreviations containing Transaction in the Legal Abbreviations and Acronyms Dictionary.
Related Legal Terms
You might be also interested in these legal terms:
Mentioned in these terms
Acquiescence, Agency By Estoppel, Attempt, Charter, Circumstance, Clean Hands, Closing, Closing Costs, , , Disclosure, Duplicity, Engage, Enter, Equitable Mortgage, Essence, Eye-witness, Facility, Feoffment, First Right Of Refusal, Good Faith, Isolated Sale, Isolated Transaction, Material Fact, Memorandum, Minimum Contact, , Mutuality, On Approval, Sale, Participant, Party, Pledge, , Post Office, Protocols, Purchase, Reasonable Doubt, Recoupment, Reinsurance, Doctrine Of Relation, Res Gesteae, Resulting Trust, Sale On Condition, Secured Transaction, Session, Statement, Stock Exchange, Stranger, Third Party, Transitory Action.
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|Transaction in the Dictionary||Transaction in our legal dictionaries||Browse the Legal Thesaurus||Find synonyms and related words of Transaction|
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|Related topics||Transaction in the World Encyclopedia of Law|
Vocabularies (Semantic Web Information)
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Transaction Definition (in the Accounting Vocabulary)
The New York State Society of Certified Public Accountants offers the following definition of Transaction in a way that is easy for anybody to understand: The act of transacting, especially a business agreement or exchange; event or condition recognized by an entry in the book ACCOUNT.