In commercial law, after-acquired property refers to any property acquired by a debtor subsequent to a security agreement. In bankruptcy law, it denotes property acquired by an individual following a bankruptcy filing, typically free from creditor claims.
A bill of lading is a vital document in commercial law serving as a receipt given by a common carrier to a shipper for goods transported. It evidences the contract between the shipper and the carrier and can also serve as a title document, indicating ownership of the goods.
A Bona Fide Purchaser (BFP) is an individual or entity that buys property in good faith and without knowledge of any existing claims or rights of others on the property. This legal concept is essential in real estate and commercial law to protect the rights of an innocent party acquiring a property.
Commercial law, also known as business law or mercantile law, is the body of law that governs the rights and obligations of persons in their commercial dealings with one another, including trade, sales, business operations, and the regulatory framework influencing these activities.
Consignment Stock refers to products owned by one party but held and managed by another party with the right to sell or return the goods. This ownership arrangement requires careful accounting practices to reflect commercial realities accurately in financial statements.
Doing business refers to carrying on, conducting, or managing a business. A corporation is considered to be doing business in a state if it performs the ordinary functions for which it was organized or engages in activities that subject it to the laws and jurisdiction of that state.
A critical clause in a loan agreement where breaching certain conditions can make the loan immediately repayable. The breaching of any covenant clause, failure to pay, failure to perform other duties and obligations, false representation and warranty, material adverse change, bankruptcy, and alienation of assets all account for events of default.
In commercial and property law, 'holding' refers to property to which one has legal title and of which one is in possession. The term may also refer to the ownership of stocks or shares in corporations.
The term 'maker' has distinct meanings depending on the context. Generally, it refers to a producer of a product, such as a car manufacturer. In commercial law, it specifically designates the person who executes a note or endorses it before its delivery to the payee, thereby assuming the obligation to make a payment.
Mercantile law, often referred to as commercial law, governs the rules and institutions pertaining to commercial transactions derived from the law merchant.
An order refers to an instruction or command to perform a particular action, applicable across various contexts such as commercial law, investments, law, and trade. It signifies a formal directive requiring compliance according to defined terms.
The common practices of commercial transactions that refer to necessary activities normal and incidental to a business's operations.
A multi-faceted term used across various fields such as physical display, bookkeeping, civil procedure, commercial law, and property management.
The term 'reasonable time' refers to a subjective standard based on the facts and circumstances within a particular case, with applicability in a variety of legal contexts, especially in commercial law.
Take-or-pay is an arrangement where a customer commits to purchasing a certain quantity of a product over a specified period, often at a predetermined price. If the customer fails to meet the agreed-upon purchase quantity, they must still pay the seller. This contract structure protects the buyer against price increases and secures the seller against price decreases.
