Business, Legal & Accounting Glossary
n. a written agreement in which the defendant in a lawsuit admits liability and accepts the amount of agreed-upon damages he/she must pay to plaintiff (person suing him/her), and agrees that the statement may be filed as a court judgment against him/her if he/she does not pay or perform as agreed. This avoids further legal proceedings and may prevent a legal judgment being entered (filed) if the terms are fulfilled by the defendant.
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This glossary post was last updated: 27th April, 2020 | 0 Views.