Transaction
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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.)