1031 exchange (also called a tax-deferred exchange) refers to the ability of investors and organizations to replace one investment for a similar one instead of keeping the proceeds. For certain transactions, the exchange allows the investor...
commercial activities
30-day notice
A 30-Day notice is usually used by a landlord to terminate or change a month-to-month lease or a periodic lease. A 30-day notice does not apply to fixed-term leases, as these types of leases impose an obligation upon...
341 meeting
A 341 meeting is a mandatory meeting held at the beginning of a bankruptcy proceeding. Also referred to as the creditors meeting, its name comes from section 341 of the Bankruptcy Code. The purpose of a 341 meeting is to examine the debtor’s...
A/R
A/R is the abbreviation for accounts receivable.
[Last updated in June of 2022 by the Wex Definitions Team]
ab initio
Ab initio is a Latin term that means "from the beginning” or “from inception.” Ab initio is used to indicate that some fact existed from the start of a relevant time period. It is often used as part of the phrase “void ab initio,” meaning...
abandoned application
An “abandoned application” refers to the abandonment of a patent or trademark application. An application is removed from the docket of pending applications at the U.S. Patent and Trademark Office when the applicant (either directly or...
abandoned property
Abandoned property is defined as personal property left by an owner who intentionally relinquishes all rights to its control. Real property may not be abandoned; see adverse possession.
Overview:At common law, a person...
abatement clause
An abatement clause is defined as a provision in a lease agreement that releases the tenant from paying rent if an act of God makes occupancy impossible or otherwise precludes the property from being used.
See also:...
Abercrombie classification
Abercrombie classification, taking its name from the case Abercrombie & Fitch Co. v. Hunting World Inc., refers to a system designating how generic a given trademark is for the purposes of intellectual property law. This system...
absolute-bar rule
The absolute bar rule prohibits a creditor who disposes of collateral in a commercially unreasonable manner from obtaining a deficiency judgment.
For example:
§ 9-610 of the Uniform Commercial Code (UCC) codifies the...