Liquidate
A Law Dictionary and Glossary · George C. Kinney · 1893
A Law Dictionary and Glossary
To clear away; to lessen; to pay; to ascertain the amount to be paid. Liquidated: cleared away; settled; agreed upon or operation of law. Liquidated damages: a fixed sum agreed upon to be paid in the event of the non-performance of the contract Liquidated demand: a demand the amount of which is ascertained by agreement or otherwise.