Louisiana Civil Code 3071 – Compromise; definition
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Terms Used In Louisiana Civil Code 3071
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
A compromise is a contract whereby the parties, through concessions made by one or more of them, settle a dispute or an uncertainty concerning an obligation or other legal relationship.
Amended by Acts 1981, No. 782, §1, eff. July 28, 1981; Acts 2007, No. 138, §1.