Retire Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Retire, written in plain English, along with examples of how it is used.
What is Retire?
(v) Retire is the action by which a person, entity, or connivance ends it existing activities on conclusion, attainment or by completion. For example a supervisor retires from service. A judge retire from the court room after pronouncing the judgment. A bill of exchange is retired by making payment.
History and Meaning of Retire
The term "retire" has its roots in the Latin word "retrahere," meaning to withdraw or retreat. In the modern sense, retiring refers to the voluntary act of ending one's working career or withdrawing from a particular activity. It is a commonly used term in the legal world, often referring to the conclusion of a service agreement or other contractual obligations.
Examples of Retire
- After a long career in finance, John decided to retire and spend more time with his family.
- The athlete announced that he would retire from professional sports after the current season.
- The Supreme Court justice retired at the age of 80 after many years of serving on the bench.
- The company's CEO retired from her position after leading the organization for over a decade.
- The construction company retired its old equipment and invested in new, more efficient machinery.
Legal Terms Similar to Retire
- Termination: This term can refer to the end of any contractual relationship, whether it be service or sales-related.
- Resignation: The act of voluntarily leaving a job or position before the agreed upon end date.
- Discharge: Refers to the end of any contract, agreement, or legal obligation, often used in employment law to describe the termination of an employee from a position.