by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is a Bulk Sales Law? A bulk sales law is a federal or state law that guides the transfer of bulk sales (all of the business assets or inventory) from a business to a buyer (generally another business) that occurs outside of the ordinary course of the business....
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is a Buy-back Allowance (Contracts)?A buy-back allowance is a clause in a sales contract stating that a vendor may repurchase a the goods sold upon specified conditions. This means that the seller agrees to offer a sum of money (an allowance) to the buyer in a...
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is a Substitute Check? A Substitute Check is a digital reproduction of an original paper check. In the U.S. the Substitute Check is a negotiable payment instrument and is considered to be legal check in lieu of the paper check. Financial institutions and payment...
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is a Bank Draft? A bank draft refers to a bank-guarantee’s payment issued on a payer’s behalf. A draft guarantees the payee a secure and trusted payment method. A check is created by the bank to the payee drawn on the account of the bank. The...
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is an Aval? An Aval is a formal assurance or guarantee that a third party adds to a debt obligation or a contractual document (generally a Bill of Exchange). The third party is not the payee or payer but a neutral person who attests that the holder will meet...
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is an Acceptance Market?An “acceptance” is a financial instruction (generally time draft or bill of exchange) that is used to make payment in the international trade of goods. An acceptance market is used in the international sale of goods. The buyer...
