Legal Dictionary
Main Entry:
trans·ac·tionPronunciation:
tran-'zak-sh&n, -'sak-Function:
noun 1 : something transacted;
especially : an exchange or transfer of goods, services, or funds
2 a : an act, process, or instance of transacting
b : an action or activity involving two parties or things that reciprocally affect or influence each other
3 in the civil law of Louisiana : an onerous contract that is intended by the parties to prevent or end actual or possible litigation and in which they make reciprocal concessions —compare
ACCORD,
SATISFACTION
[tran-sak-shuh
n, -zak-] 