acceleration clause
An acceleration clause is a term in a contract (typically a loan agreement) that requires a party to make all payments due under the contract if certain conditions occur. An acceleration clause is typic
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business law
apparent authority
Apparent authority is the power of an agent to act on behalf of a principal, even though not expressly or impliedly granted. This power arises only if a third party reasonably infers, from the principal's conduct, that the princip
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business judgment rule
The business judgment rule provides a director of a corporation immunity from liability when a plaintiff sues on grounds that the director violated the duty of care to the corporation so long as the director’s actions fall within the parameters of th
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legal person
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non-profit organizations
A non-profit organization is a group organized for purposes other than generating profit and in which no part of the organization's income is distributed to its members, directors, or o
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piercing the corporate veil
Overview
"Piercing the corporate veil" refers to a situation in which courts put aside [wex:limited liability] and hold a [wex:corporation|corporation's] [wex:shareholder|shareholders] or [wex:director|directors] personally liable for the corporation’s actions or debts. Veil piercing is most common in [wex:close corporation|close corporations].