Economic Crisis
/ɪˈkɒnəmɪk ˈkraɪsɪs/
Definitions
- (n.) A significant downturn in economic activity causing widespread financial instability, affecting markets, businesses, and legal obligations.
The economic crisis led to numerous bankruptcies and renegotiations of loan agreements.
Forms
- economic crisis
Related terms
See also
Commentary
In legal drafting, specify the temporal and geographic scope of an economic crisis to clarify contractual risk allocation.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.