commercial law

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Definition

An accelerated clause is a term in a loan agreement that requires the borrower to pay off the loan immediately under certain conditions.

Overview

An accelerated clause is typically invoked when the borrower materially breaches the loan...

(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...

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Respondent James McCoy filed suit in California federal court, alleging that Petitioner Chase Bank USA, N.A. (“Chase”) violated the Truth in Lending Act. See McCoy v. Chase Manhattan Bank, USA, N.A., 559 F.3d 963, 964 (9th Cir. 2009). The purpose of...

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CITGO Asphalt Refining Company (“CARCO”) chartered a single-hulled oil tanker, the M/T Athos I, from an intermediary of Frescati Shipping Co., Ltd. and Tsakos Shipping & Trading, S.A. (“Frescati”) to deliver crude oil from Venezuela to CARCO’s...

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In March 2007, Carol Sachs purchased a four-day Eurail pass for travel in Austria and the Czech Republic from Rail Pass Experts (“RPE”), a Massachusetts company. See Sachs v. Republic of Austria, 737 F.3d 584, 587 (9th Cir. 2013). Sachs purchased the...