Economic Downturn
/ˌɛkəˈnɒmɪk ˈdaʊntɜrn/
Definitions
- (n.) A period marked by a significant decline in economic activity affecting legal and contractual obligations.
The economic downturn led to numerous breaches of contract due to financial hardship.
Forms
- economic downturn
Related terms
See also
Commentary
In legal contexts, defining an economic downturn often informs force majeure clauses and contract performance assessments.
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.