by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is an Exposure Draft?An exposure draft is a document that the Financial Accounting Standards Board (FASB) uses to solicit comments or discussions from the public concerning a proposed accounting law or a pronouncement.An exposure draft is not a final document. It...
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is a Competitive Tender?In the trade of securities, a competitive tender is an auction or bidding process through which securities are purchased by institutional investors and corporations. In a competitive tender, the highest bidder is awarded the newly issued...
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is Defeasance? Defeasance refers to the substitution of collateral in a loan agreement. It occurs when cash or bonds equivalent to a borrowers debt is substituted for the collateral and used to service the debt. Defeasance often renders a loan void given that the...
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is the Doctrine Of Utmost Good Faith? The doctrine of the utmost good faith, known in latin as “uberrimae fides”, is a legal doctrine stating that parties in a contract must act honestly without withholding information or misleading each other. This...
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is the Competition In Contracting Act?Competition In the Contracting Act, also known as CICA, refers to a policy enacted in 1984 by Congress to encourage competition for government contracts. It is a United States legislation that governs contractors hiring...
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is a Bank Endorsement? A bank endorsement is a bank’s authorization on a negotiable instrument. The instrument is generally created by the bank’s customer and is payable to the holder. This endorsement stipulates that the bank will stand by the...
