Compromise Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Compromise, written in plain English, along with examples of how it is used.
What is Compromise?
A settlement reached between two parties through mutual understanding, to avoid legal battle and solve differences by trying to compromise for something and settle the dispute.It is sensible and profitable as it saves time and money that one spends in a leagal battle.
History and Meaning of Compromise
The term "compromise" has its origins in Latin, coming from the words "com," which means "with," and "promittere," meaning "to promise." In essence, a compromise is a mutually agreed upon resolution in which each party gives up something to reach a settlement.
In legal terms, a compromise is a settlement reached between two parties in a dispute to avoid legal action. In these cases, both parties agree to give up some of their rights or claims, and accept a resolution that both parties can live with, without having to go to court. This can be beneficial for both parties as it can save time, resources, and expenses associated with a full-blown legal battle.
Examples of Compromise
After a lengthy mediation process, the parties finally reached a compromise by agreeing to split the disputed property equally between them.
In a divorce settlement, the couple agreed on a compromise in which the husband would retain full ownership of their home, but the wife would receive a greater share of their mutual assets.
During a contract negotiation, the parties compromised on the terms and conditions of the agreement, resulting in a final contract that was mutually acceptable to both sides.
Legal Terms Similar to Compromise
Settlement: A settlement is an agreement between two parties to resolve a dispute or legal matter outside of the courtroom.
Mediation: Mediation is a process where a neutral third party helps facilitate a discussion between parties in a dispute towards a mutually acceptable resolution.
Arbitration: Arbitration is a process where a neutral third party hears evidence and makes a binding decision in a dispute, rather than the parties reaching a mutually agreed upon resolution.