business law

1031 exchange

1031 exchange (also called a tax-deferred exchange) refers to the ability of investors and organizations to replace one investment for a similar one instead of keeping the proceeds. For certain transactions, the exchange allows the investor...

A/R

A/R is the abbreviation for accounts receivable.

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

ab initio

Ab initio is a Latin term that means "from the beginning” or “from inception.” Ab initio is used to indicate that some fact existed from the start of a relevant time period. It is often used as part of the phrase “void ab initio,” meaning...

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...

abandonment (of trademark)

Abandonment of a trademark occurs when the owner of the trademark deliberately ceases to use the trademark for three or more years, with no intention of using the trademark again in the future. When a trademark is abandoned, the trademark...

abate

Abate is to eliminate or nullify.

The term is often used in relation to the elimination of a nuisance. For example, California Civil Code § 3491 provides that one of the “remedies against a public nuisance [is] abatement.”...

abatement

Abatement is the act of reducing or nullifying something. Multiple subjects throughout law are subject to abatement and the term appears in many locations.

In property law, abatement refers to a reduction in property taxes a...

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:...

Abercrombie classification

Abercrombie classification, taking its name from the case Abercrombie & Fitch Co. v. Hunting World Inc., refers to a system designating how generic a given trademark is for the purposes of intellectual property law. This system...

abrogate

To abrogate is to formally annul or repeal a law through an act of legislation, constitutional authority, or custom. For example, the Supreme Court of Michigan explained in Ferency v. Secretary of State that “an existing constitutional...

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