commercial activities


1.In contract law, a bargain is a voluntary agreement between two parties in exchange for consideration. Consideration, here, can be money, goods, services, or a promise to do something. For example, if someone agrees to clean a bedroom in exchange...


Under U.S. tax law, basis is the cost or value of an asset – used to determine equity or ownership for the purpose of tax assessment, exchange, or sale. It generally includes purchase price, taxes, transportation costs,...

Bill of lading

Document used in foreign trade, which acknowledges that a company has received goods for transportation.


A binder is a temporary insurance contract delivered by the insurer to the insured before a permanent insurance policy is issued. The purpose of a binder is to provide insurance coverage and stand in the place of the permanent policy until...


In the law of secured transactions, refers to a buyer in the ordinary course of business. In order to qualify as this the buyer must purchase particular goods in good faith, without knowledge that the sale violates another individual's rights in...

Blue sky law


A state law that imposes standards for offering and selling securities. Such laws aim to protect individuals from fraudulent or overly speculative investments.


Originally prepared by Deepa Sarkar of the Cornell Law School...

Boiler room

A boiler room is a telephone operation where salespeople cold-call a list of potential investors, in an attempt to get them to invest in stock, services, or goods. These salespeople may convince people to invest by making false claims,...

Bona fide purchaser

Someone who obtains property for value without notice of any problems with its title (e.g., competing claims of ownership).

book account

A business record of a customer's account which indicates the total amount owed by the client at any given time. The book account serves as a clear basis for bringing suit on a customer's failure to repay the debt.

book value

Definition from Nolo’s Plain-English Law DictionaryA method of valuing a corporation's stock or a company's worth by adding up the stated value of assets as shown on the books (records) of the company and deducting all the liabilities (debts) of the...