In legal terms, “equivalent” typically refers to something that has the same legal effect, value, or consequence as another thing. It signifies equality or comparability in a legal context. For example, in contract law, if one party fails to fulfil its obligations under the contract, the other party may seek damages equivalent to the loss suffered as a result of the breach. In property law, an equivalent may refer to assets or property of similar value that can be exchanged or substituted for one another in a transaction.
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This glossary post was last updated: 29th March, 2024.
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