Mutual

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Related to Mutuals: Mutual funds

mutual

adj., adv. referring to anything in which both parties have reciprocal rights, understanding, or agreement.

MUTUAL. Reciprocal.
     2. In contracts there must always be a consideration in order to make them valid. This is sometimes mutual, as when one man promises to pay a sum of money to another in consideration that he shall deliver him a horse, and the latter promises to deliver him the horse in consideration of being paid the price agreed upon. When a man and a woman promise to marry each other, the promise is mutual. It is one of the qualities of an award, that it be mutual; but this doctrine is not as strict now as formerly. 3 Rand. 94; see 3 Caines 254; 4 Day, 422; 1 Dall. 364, 365; 6 Greenl. 247; 8 Greenl. 315; 6 Pick. 148.
     3. To entitle a contracting party to a specific performance of an agreement, it must be mutual, for otherwise it will not be compelled. 1 Sch. & Lef. 18; Bunb. 111; Newl. Contr. 152. See Rose. Civ. Ev. 261.
     4. A distinction has been made between mutual debts and mutual credits. The former term is more limited in its signification than the latter. In bankrupt cases where a person was indebted to the bankrupt in a sum payable at a future day, and the bankrupt owed him a smaller sum which was then due; this, though in strictness, not a mutual debt, was holden to be a mutual credit. 1 Atk. 228, 230; 7 T. R. 378; Burge on Sur. 455, 457.

References in periodicals archive ?
Best terms their "starkly different" business models, insurtechs and mutuals are in "competition for the same potential business, and for this reason, adapting to the changing landscape could prove beneficial."
Mutuals account for an estimated 0.2% to 0.3% of market premiums in China, well below the global average of 27%, Xing said.
Swiss Re notes the requirements could put some mutuals, especially smaller ones with a narrow regional or business line focus, at a competitive disadvantage.
Public servants who form John Lewis style mutuals to take control of their services need better access to external finance if they are to transform public services, a report published today argues.
Some mutuals will choose to convert, others will not.
Would Indiana's two largest mutual insurance companies "redomesticate" to other states if legislation fails again?
Each Ambassador will work closely on the ground to deliver specific advice and support to emerging and existing mutuals. This will include troubleshooting specific concerns, sharing their commercial expertise, promoting public service mutuals and identifying upcoming new projects.
* Stock companies that behaved like mutuals (TIAA or a company such as the Equitable of Iowa several decades ago when it was controlled by a trust).
While the majority of mutuals have been around for many years, a few have more recent roots.
Northwestern Mutual, like many other mutuals and stock insurance companies, is an active commercial mortgage lender, with mortgages representing about 25% of its fixed-income holdings.
Being acquired in a sponsored demutualization is a good option for solid mutuals that have strong management, good books of business, a stable and growing geographic base, and good products and systems, but that feel it isn't possible to maintain all of this on a stand-alone basis.
A company does not have to be publicly traded to be successful in the 21st century, said Edward Zore, president and chief executive officer of Northwestern Mutual Insurance Co., the largest mutual life insurer by in-force business in the United States.

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