{"id":27955,"date":"2023-05-11T12:08:38","date_gmt":"2023-05-11T12:08:38","guid":{"rendered":"https:\/\/avocat-montreal.ca\/?p=27955"},"modified":"2023-11-17T17:58:12","modified_gmt":"2023-11-17T17:58:12","slug":"transaction-legal-definition-and-example","status":"publish","type":"post","link":"https:\/\/avocat-montreal.ca\/en\/business-law\/transaction-legal-definition-and-example\/","title":{"rendered":"Transaction: legal definition and example"},"content":{"rendered":"<h2><span class=\"ez-toc-section\" id=\"Definition\"><\/span>Definition<span class=\"ez-toc-section-end\"><\/span><\/h2><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_83 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/avocat-montreal.ca\/en\/business-law\/transaction-legal-definition-and-example\/#Definition\" >Definition<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/avocat-montreal.ca\/en\/business-law\/transaction-legal-definition-and-example\/#Example\" >Example<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/avocat-montreal.ca\/en\/business-law\/transaction-legal-definition-and-example\/#Citation_and_reference\" >Citation and reference<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>A transaction is an <a href=\"https:\/\/avocat-montreal.ca\/en\/family-law\/everything-you-need-to-know-about-a-cohabitation-agreement-in-canada\/\">agreement<\/a> between two parties to settle a dispute or claim, usually in exchange for payment or some other form of compensation.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Example\"><\/span>Example<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Of course, here&#8217;s a concrete example to illustrate what a transaction is in the legal field. Let&#8217;s imagine you&#8217;ve bought a used car from a private individual, and a few weeks later you discover a major defect that wasn&#8217;t mentioned at the time of sale. You contact the seller to express your dissatisfaction and ask for financial compensation to cover the cost of repairs. After some negotiation, you reach an agreement with the seller: he agrees to reimburse you part of the purchase price of the car in exchange for your waiver of any legal action. This agreement is called a &#8220;transaction&#8221;, because it settles a dispute between two parties without going to court.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Citation_and_reference\"><\/span>Citation and reference<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Here are a few quotes from Canadian law on the legal term &#8220;transaction&#8221;:<\/p>\n<p>&#8211; According to article 2041 of the Civil Code of Quebec: &#8220;A transaction is a contract by which the parties terminate a dispute that has arisen or prevent a dispute from arising.&#8221;<\/p>\n<p>&#8211; Article 2635 of the Civil Code of Quebec specifies that: &#8220;A transaction must be made in consideration of a specific object, and be consented to freely and with full knowledge of the facts.&#8221;<\/p>\n<p>&#8211; Section 14 of the Quebec Courts of Justice Act states that: &#8220;The courts of justice have jurisdiction to hear applications for homologation of transactions.&#8221;<\/p>\n<p>&#8211; Article 2638 of the Civil Code of Quebec stipulates that: &#8220;A transaction has, between the parties, the authority of res judicata in the final instance.&#8221;<\/p>\n<p>&#8211; Article 2639 of the Civil Code of Quebec specifies that: &#8220;The transaction may be challenged for error, fraud, <a href=\"https:\/\/avocat-montreal.ca\/en\/family-law\/hiring-a-lawyer-in-a-domestic-violence-case\/\">violence<\/a> or lesion.&#8221;<\/p>\n<p>&#8211; Article 768 of the Code of Civil Procedure of Quebec states that: &#8220;The transaction may be produced in evidence to prove the existence of an agreement between the parties.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Definition A transaction is an agreement between two parties to settle a dispute or claim, usually in exchange for payment or some other form of compensation. Example Of course, here&#8217;s a concrete example to illustrate what a transaction is in the legal field. Let&#8217;s imagine you&#8217;ve bought a used car from a private individual, and [&hellip;]<\/p>\n","protected":false},"author":53,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2016],"tags":[],"class_list":["post-27955","post","type-post","status-publish","format-standard","hentry","category-business-law"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Transaction: legal definition and example | AM<\/title>\n<!-- Admin only notice: this page does not show a meta description because it does not have one, either write it for this page specifically or go into the [Yoast SEO - Settings] menu and set up a template. -->\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/avocat-montreal.ca\/en\/business-law\/transaction-legal-definition-and-example\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Transaction: legal definition and example | AM\" \/>\n<meta property=\"og:description\" content=\"Definition A transaction is an agreement between two parties to settle a dispute or claim, usually in exchange for payment or some other form of compensation. 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