commercial transactions


A/R is the abbreviation for accounts receivable.

[Last updated in June of 2022 by the Wex Definitions Team]

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.


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:...

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...

accelerated filer

Accelerated filer is a class of reporting company which has shorter deadlines to file their periodic reports.

Securities and Exchange Commission (SEC) Rule 12b-2 establishes the requirements that a company must satisfy to...


Accept means to receive something with approval (i.e., consent) and intention to keep it. This use usually arises in the context of accepting a payment which is late or not complete, or accepting the service (delivery) of legal papers.



Acceptance means to assent to the terms of an offer. Some common uses of the term “acceptance” in a legal sense include:

In the context of contracts, acceptance refers to one person’s compliance with the terms of an offer made by...


Accession is prominent in two legal practice areas; trusts and estates, and secured transactions.

Accession in trusts and estates law are assets produced by a devised asset after the execution of a will. For example, ordinary...

accord and satisfaction

Accord and satisfaction refers to the agreement (accord) between two contracting parties to accept alternate performance to discharge a pre-existing duty between them and the subsequent performance (satisfaction) of that agreement. The new...