An accelerated clause is a term in a loan agreement that requires the borrower to pay off the loan immediately under certain conditions.
OverviewAn accelerated clause is typically invoked when the borrower materially breaches the loan...
business law
(Wex page)
Overview
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 principal granted...
(Wex page)
Overview
The business judgment rule is invoked in lawsuits when a director of a corporation takes an action that affects the corporation, and a plaintiff sues, alleging that the director violated the duty of care to the corporation.
In suits...
(Wex page)
Overview
Legal person refers to a human or non-human entity that is treated as a person for limited legal purposes.
Typically, a legal persons can sue and be sued, own property, and enter into contracts.
Business Law"Legal person" is used...
(Wex page)
Overview
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 officers. Non-profit corporations are often termed "non-...
(Wex page)
Overview
"Piercing the corporate veil" refers to a situation in which courts put aside limited liability and hold a corporation's shareholders or directors personally liable for the corporation’s actions or debts. Veil piercing is most common in...