open transaction
Defined in 1 dictionary — Case Law
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.