business law

1031 exchange

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...

A/R

Definition

Abbreviation for accounts receivable.

abandoned application

Definition

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 through his attorney or agent...

abandonment (of trademark)

Abandonment of a trademark occurs when the owner of the trademark deliberately ceases to use the trademark for three or more years, with no intention of using the trademark again in the future. When a trademark is abandoned, the trademark...

abate

Abate is to eliminate or nullify.

The term is often used in relation to the elimination of a nuisance. For example, California Civil Code § 3491 provides that one of the “remedies against a public nuisance [is] abatement.”...

abatement

See abate.

[Last updated in November of 2021 by the Wex Definitions Team]

abrogate

To abrogate is to formally annul or repeal a law through an act of legislation, constitutional authority, or custom. For example, the Supreme Court of Michigan explained in Ferency v. Secretary of State that “an existing constitutional...

absolute-bar rule

Definition

A rule preventing a creditor who sells collateral in a commercially unreasonable manner, e.g. without giving reasonable notice to the debtor, from obtaining a deficiency judgment.

Illustrative caselaw

See, e.g. Beardmore v....

abusive discharge

Definition

A fired employee's claim that the firing breached some public policy of the state. Abusive discharge claims are often brought when no claim for breach of contract or violation of a statute can be alleged. Instead of relying on an...

accelerated depreciation

Accelerated depreciation is any method of depreciation where the business depreciates a greater proportion of an asset’s value earlier in its life. A common accelerated depreciation method is MACRS. Compare with straight-line depreciation...

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