open transaction
Definitions from Case Law · United States Supreme Court
Definitions from Case Law
From 283 U.S. 404 - Burnet v. Logan · 1931Most cited · 862 citing opinions
The consideration for the sale was $2,200,000 in cash and the promise of future money payments wholly contingent upon facts and circumstances not possible to foretell with anything like fair certainty. The promise was in no proper sense equivalent to cash. It had no ascertainable fair market value. The transaction was not a closed one.
How often courts cite the case defining “open transaction”
Court decisions citing the opinion that defined “open transaction” — 862 in all, by decade. Counts are citations to the defining case as a whole, not verified uses of the term. The dip in the most recent years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the latest years.