DEBT
Categories: Contracts
Definition (1910 Edition)
DEBITUM. Something due, or owing; a debt.
a sum of money arising upon a contract, express or implied. In its more general sense, it is defined to be that which is due from one person to another, whether money, goods, or services; that which one person is bound to pay or perform to another. Under the legal-tender statutes, it seems to import any obligation by contract, express or implied, which may be discharged by money through the voluntary action of the party bound. herever he may be at liberty to peviorn his obligation by the payment of a specific sum of money, the party owing the obligation is subject to what, in these statutes, is termed “debt.” . Kimpton v. Bronson, 45
a sum of money arising upon a contract, express or implied. In its more general sense, it is defined to be that which is due from one person to another, whether money, goods, or services; that which one person is bound to pay or perform to another. Under the legal-tender statutes, it seems to import any obligation by contract, express or implied, which may be discharged by money through the voluntary action of the party bound. herever he may be at liberty to peviorn his obligation by the payment of a specific sum of money, the party owing the obligation is subject to what, in these statutes, is termed “debt.” . Kimpton v. Bronson, 45
Source: Black's Law Dictionary, 2nd Edition (1910) — Public Domain.
UK commentary and modern updates are original additions. This entry is for educational
reference only and does not constitute legal advice.