transaction


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Related to transaction: Transaction processing, Transaction Processing System

transaction

noun accomplishment, achievement, act, action, activity, administration, adventure, affair, commission, completion, consummation, deal, deed, direction, effectuation, enactment, enterprise, execution, exercise, exploit, management, measure, negotium, operation, performance, proceeding, process, purchase, sale, 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.
See also: act, agreement, business, commerce, commission, contract, course, deal, event, exchange, interchange, occurrence, operation, proceeding, process, sale, trade, treatment, undertaking

TRANSACTION, contracts, civil law. An agreement between two or more persons, who for the purpose of preventing or putting an end to a law suit, adjust their differences by mutual consent, in the manner which they agree on; in Louisiana this contract must be reduced to writing. Civil Code of Louis, 3038.
     2. Transactions regulate only the differences which appear to be clearly comprehended in them by the intentions 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. Id. 3040.
     3. To transact, a man must have the capacity to dispose of the things included in the transaction. Id. 3039; 1 Domat, Lois Civiles, liv. 1, t. 13, s. 1; Dig. lib. 2, t. 15, l. 1; Code lib. 2, t. 4, 1. 41. In the common law this is called a compromise. (q.v.)

References in periodicals archive ?
David Levy and Michael Greenberg represented both the tenant and landlord in the transaction.
Example 1: Pursuant to Country Q's merger statutes, Corporation Z and Corporation Y, each incorporated under the laws of Q, combine in a transaction in which all of Z's assets become assets of Y, and, in the transaction, Z ceases its separate legal existence.
California's new rules also provide for a variety of penalties for taxpayers in various circumstances, including a failure to report penalty; (8) a 100-percent interest penalty for taxpayers contacted regarding the use of a potentially abusive shelter; (9) reportable-transaction understatement; (10) noneconomic-substance transaction understatement; (11) and enhancement of an accuracy-related penalty.
Any procurement team that is not considering transaction taxes in its landed costs could be making an expensive mistake as normally recoverable value-added tax (VAT) and goods and services tax (GST) can sometimes become an expense that should be factored into landed cost.
2) If an undisclosed transaction is discovered, the Service will routinely request all tax accrual workpapers.
Is it stored separately or as part of transaction records?
The Electronic Transactions Act requires all parties to the electronic transaction to agree to conduct the transaction by electronic means.
The types of Transaction Recovery available and the general characteristics of the problems addressed.
Such transactions occur when governments give or receive something of value and do not directly receive or give something of equal value in return, such as certain taxes, grants, contributions or donations.
Rules that create a duty on the part of dealers in derivative instruments to ensure that these transactions are being appropriately used by their customers may serve as a means for customers to shift the risks of the transaction back to the dealer retroactively through legal actions.
a leader in high performance transaction processing software for global enterprises, today announced its release of Kabira Payment Suite[TM].
The sale of 57-15 Grand Avenue in the Maspeth section of Queens in an all-cash transaction valued at $1,350,000.