by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is Repudiation of a Contract? Repudiation refers to a situation in a contract whereby the terms of a contract previously agreed upon by both parties is rejected or renounced by a party. In repudiation, a party refuses to honor his part of the deal by disputing...
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is Rescission of a Contract? Rescission simply refers to the cancellation or termination or a contract by an individual. More specifically, in contract law, rescission is the right held by individuals which allows them to cancel or repeal the terms of a contract,...
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is a Secured Creditor? A secured creditor is a creditor (someone who is owed money by a debtor) who has a claim of right to property of the debtor if the debtor does not pay the debt owed. As an enforcement mechanism, if the debtor does not pay, the secured...
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is Secondary Liability? Secondary liability refers to a legal commitment where a party assumes responsibility for another party’s action. In layman terms, secondary liability involves acting as a surety for an entity and taking claim of all their actions....
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is After-Acquired Collateral? After-acquired collateral refers to property pledged as security for a loan. The lender agrees to extend a loan that will be secured by the assets that the borrower acquires after the loan is made (after-acquired...
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is a Debtor in Possession? In the United States, the Corporate Bankruptcy law contains a provision for a debtor in possession (DIP). This provision is contained in Chapter 11 of the bankruptcy law. A debtor in possession refers to the debtor in a business...
