Economic Recession
/ɪˌkɒnəˈmɪk rɪˈsɛʃən/
Definitions
- (n.) A period of decline in economic activity recognized by legal authorities, often impacting contracts, regulatory compliance, and government policy.
The economic recession led to widespread renegotiation of contractual obligations.
Forms
- economic recession
Related terms
See also
Commentary
In legal contexts, 'economic recession' often triggers clauses in contracts and influences judicial interpretation of duties and liabilities under economic duress.
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.