Capitulation ( la, capitulum, a little head or division; ''capitulare'', to treat upon terms) is an agreement in time of war for the

surrender Surrender may refer to: * Surrender (law), the early relinquishment of a tenancy * Surrender (military), the relinquishment of territory, combatants, facilities, or armaments to another power Film and television * ''Surrender'' (1927 film), an ...

to a hostile armed force of a particular body of troops, a town or a territory. It is an ordinary incident of war, and therefore no previous instructions from the captors' government are required before finally settling the conditions of capitulation. The most usual of such conditions are

freedom of religion Freedom of religion or religious liberty is a principle that supports the freedom of an individual or community, in public or private, to manifest religion or belief in teaching, practice, worship, and observance. It also includes the freedo ...

and security of

private property Private property is a legal designation for the ownership of property by non-governmental legal entities. Private property is distinguishable from public property and personal property, which is owned by a state entity, and from collective or ...

on one hand, and a promise not to

bear arms The right to keep and bear arms (often referred to as the right to bear arms) is a right for people to possess weapons (arms) for the preservation of life, liberty, and property. The purpose of gun rights is for self-defense, including securi ...

within a certain period on the other. Such agreements may be rashly concluded with an inferior officer, on whose authority the enemy are not, in the actual position of the war, entitled to place reliance. When an agreement is made by an officer who has not the proper authority or who has exceeded the limits of his authority, it is termed a "sponsion", and, to be binding, must be confirmed by express or tacit

ratification Ratification is a principal's approval of an act of its agent that lacked the authority to bind the principal legally. Ratification defines the international act in which a state indicates its consent to be bound to a treaty if the parties inten ...

. Article 35 of the Hague Convention (1899) on the laws and the customs of war requires that capitulations agreed on between the contracting parties must be in accordance with the rules of military honor. When once settled, they must be observed by both the parties.

Stock market capitulations

financial market A financial market is a market in which people trade financial securities and derivatives at low transaction costs. Some of the securities include stocks and bonds, raw materials and precious metals, which are known in the financial ma ...

s, "capitulation" describes "giving up" on the market or "surrendering" to bearishness (pessimism) to an extent which involves "panic" selling.

References

{{Authority control Law of war *

Stock market capitulations

See also

References