Recession
/rɪˈsɛʃən/
Definitions
- (n.) A period of temporary economic decline during which trade and industrial activity are reduced.
The court considered the impact of the recession on contractual obligations.
- (n.) The act of withdrawing or retreating, especially in the context of a contract or agreement.
The recession of the offer halted the formation of the contract.
Forms
- recession
Related terms
See also
Commentary
In legal contexts, recession often refers both to economic decline and to withdrawal from agreements; clarity depends on context.
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.