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.

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 ?

James Buslik represented both the tenant and landlord in the transaction.

Adams & Co. Real Estate

Despite the fact that each of the merger participants is a foreign entity, the transaction nevertheless could be a statutory merger and thus a "good" type A reorganization under the new regulations, because both Z and Y are qualified participants and the transaction is not divisive.

Statutory mergers

13) The California rules require taxpayers to (1) file amended returns, and (2) pay the tax that would have been otherwise due had the taxpayer not participated in the reportable transaction.

Illinois's new tax shelter rules

Drop shipments, multinational contracts and triangulation have long been the staple diet of the transaction tax specialist, but too often this is focused on the outbound supply chain to the customer, at the expense of in-bound supply chain or manufacturing models.

Transaction tax management: a seat at the supply chain table

A member should also consider whether the member's tax advice will be communicated to third parties, particularly if those third parties may not be knowledgeable or may not be receiving independent tax advice with respect to a transaction.

Official releases: revisions to bylaws and council resolutions ... SSTS interpretation

4) To the extent a taxpayer has reported "financial accounting irregularities" (restatements, for example), the IRS will, subject to its own discretion, request all tax accrual workpapers--even if the listed transaction was disclosed.

IRS to broaden circumstances for requesting audit workpapers. (tax info)

It does not prescribe any technique for authenticating the parties to an e-commerce transaction and has produced mass confusion about which authentication techniques might be acceptable in a given situation.

Legal issues in documenting: e-commerce transactions. (Cover Story)

In California, businesses have been subject to, and governed by, the California Electronic Transactions Act since late 1999.

Move Over John Hancock

The features you will need for a high speed, accurate, and robust Transaction Recovery solution.

High Speed Transaction Recovery

The agreement focuses on Bankers Trust's policies and procedures for marketing practices and affiliate transactions in its leveraged derivative transaction business.

Statement by Alan Greenspan, Chairman, Board of Governors of the Federal Reserve System, before the Committee on Banking, Housing and Urban Affairs, U.S. Senate, January 5, 1995

The sale of 365-67 West 46th Street in Midtown Manhattan in an all-cash transaction valued at $6,450,000.