Legal Definitions - transactio

Definition: Transactio (tran-sak-shee-oh) is a Latin term used in Roman law to refer to the renunciation of a contested claim or defense in litigation in exchange for something else. It is also used to describe the act of conducting business or other dealings, such as the formation, performance, or discharge of a contract.

Examples:

• John and Jane are in a legal dispute over a piece of property. They decide to settle the matter through a transactio, where John agrees to give up his claim to the property in exchange for Jane paying him a sum of money.
• When a company buys goods from a supplier, they engage in a transaction where the supplier provides the goods and the company pays for them.
• Two friends decide to start a business together. They form a partnership and agree to split the profits and losses equally. This is a transaction between two parties.

The examples illustrate the different ways in which transactio can be used. In the first example, John and Jane use transactio to settle a legal dispute. In the second example, a transaction takes place between a company and a supplier. In the third example, a transaction occurs between two friends who form a partnership. In all cases, transactio refers to an agreement or exchange between two or more parties.