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1 : something transacted
: an exchange or transfer of goods, services, or funds
2 a : an act, process, or instance of transacting
b : an action or activity involving two parties or things that reciprocally affect or influence each other
3 in the civil law of Louisiana
: an onerous contract that is intended by the parties to prevent or end actual or possible litigation and in which they make reciprocal concessions compare accord, satisfaction
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.