Pactum constitutae pecuniae is a legal agreement where a person commits to pay a specific amount of money, either to settle their own debt or someone else's, by a certain date. This type of agreement establishes a clear obligation and timeline for payment, providing assurance to the creditor about when they can expect to receive their funds.
This term is commonly used in civil law contexts, particularly in debt collection and contract law. It serves as a formal acknowledgment of a debt and specifies the terms under which payment will be made. Users can often manage these agreements themselves with the right legal templates, such as those available through US Legal Forms, which are drafted by qualified attorneys.
Here are a couple of examples of abatement:
Example 1: A person owes $1,000 to a friend and agrees to pay it back in full by the end of the month. They create a pactum constitutae pecuniae to formalize this agreement.
Example 2: A business owner has an outstanding loan of $5,000. They enter into a pactum constitutae pecuniae with the lender, promising to pay back the loan in installments over six months. (hypothetical example)
Examples of state differences (not exhaustive):
| State | Key Differences |
|---|---|
| California | Enforceability of oral agreements may vary. |
| New York | Written agreements are preferred for clarity. |
| Texas | Specific requirements for repayment terms may apply. |
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
| Term | Definition | Key Differences |
|---|---|---|
| Pactum constitutae pecuniae | Agreement to pay a fixed sum by a certain date. | Focuses on a specific payment obligation. |
| Promissory note | Written promise to pay a specified amount. | More formal and may involve interest rates. |
| Debt settlement agreement | Agreement to settle a debt for less than owed. | Involves negotiation and may reduce total debt. |
If you find yourself needing to create a pactum constitutae pecuniae, consider using a legal template from US Legal Forms to ensure that your agreement is properly structured. If your situation is complex or involves significant amounts of money, it may be wise to consult a legal professional for tailored advice.
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If you fail to pay as specified in the pactum constitutae pecuniae, the creditor may take legal action to recover the debt.