by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is a Back-to-Back Letter of Credit?Back-to-back letters of credit are used in business transactions where an intermediary is needed between a buyer and a seller. A firm, a broker, or financial consultant will often act as an intermediary between a buyer and a...
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is a Backup Line of Credit? A backup line gives protection to the investors of a company if the company defaults on the commercial paper it offers. Commercial paper is an unsecured short-term debt security that a company offers to its investors rather than...
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is Undue Influence?An individual is said to exercise an undue influence over another if he takes advantage of the relationship he has with the other individual or his position to influence their decisions. Undue influence often occurs when there is inequity in...
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is Inchoate? Inchoate is a term that describes an activity or project that has just started and not near completion. It refers to the initial stage of an activity or project. When the activity is only partly formed and not fully developed, it is inchoate. In a...
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is a UCC-1 Statement?A UCC-1 statement is a legal form or document that provides a creditor a claim to the property of a debtor. Restated, it is a form of lien that the creditor obtains as security for the business loan being offered. Creditors file UCC-1...
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is Acceptance of a Bill of Exchange?A bill of exchange is a written document that serves as an order or a promissory note obliging a drawee (generally a financial institution) to make a specified payment to the payee. The acceptance of a Bill of Exchange is a...
