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societas leonina

societas leonina (s[schwa]-sI-[schwa]-tas lee-[schwa]-nI-n[schwa]). [Latin “partnership with a lion”] Roman law. An illegal partnership in which a partner shares in only the losses, not the profits; a partnership in which one person takes the lion’s share. — Also termed leonina societas. “But an arrangement by which one party should have all the gain was not […]

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societas

societas (s[schwa]-sI-[schwa]-tas), n. [Latin] Roman law. A partnership between two or more people agreeing to share profits and losses; a partnership contract. “Societas in its widest acceptation denotes two or more persons who unite or combine for the prosecution of a common object; in its more restricted sense it denotes a mercantile partnership …, the

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consensual contract

Hist. A contract arising from the mere consensus of the parties, without any formal or symbolic acts performed to fix the obligation. • Although the consensual contract was known to the common law, it originated in Roman law, where it embraced four types of contracts in which informal consent alone was suf-ficient: (1) an agency

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