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Related to transaction: Transaction processing, Transaction Processing System
transactionnoun 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,
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.)