Business, Legal & Accounting Glossary
Property whose claim to was intentionally surrendered, or given up entirely by the owner. May also apply to contract rights if one of the parties does not do what is required by the contract. For example: the possessions left by a tenant in a home that they have moved out of, or an inventor’s patent rights which he/she did not apply for and lets others use the invention without a fight. By not abiding to a contract’s requirements, one may have abandoned the property of contract rights.
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This glossary post was last updated: 18th March, 2020