Business, Legal & Accounting Glossary
n. the cancellation or destruction of a right, quite often because the time for enforcement has passed. Example: waiting more than four years after the due date to make a demand for payment on a promissory note wipes out the person’s right to collect the money owed to him/her. It can also occur by fulfilling the obligation so no further money or performance is due.
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This glossary post was last updated: 28th April, 2020 | 0 Views.