commercial activities


Definition from Nolo’s Plain-English Law DictionaryAny activity carried on with the intent to make a profit or any enterprise engaged in such activity. A business does not have to have a formal organization; it can be a corporation, partnership, sole...

Business expense


Operating costs of a business, which are tax deductible. To qualify as a business expense, the cost must be ordinary, accepted and common in that business' trade and necessary, appropriate and useful in operating the business.


Business invitee

Business invitee refers to an individual welcomed inside or onto property by a business for commercial purposes. The term is used in tort law to describe individuals to which businesses owe some form of duty to protect. Customers going into...

Buy-sell agreement


A binding agreement used by sole proprietorships, partnerships and close corporations that governs what happens to an individual's ownership interest when that individual withdraws from the business, dies or becomes disabled. Also known as a...

Cafeteria Plan

A cafeteria plan is a written employee benefit program that allows employees to choose at least two benefits from a menu of options. As explained by the Internal Revenue Service (IRS), a cafeteria plan must allow employees to choose between...

Calendar Year Accounting Period

An accounting period, which for taxation purposes, begins on January 1 and ends on December 31 of the Gregorian calendar.


Call generally means to request or to use an option. Call has a few different meanings that arise in the legal context:

A person “calls” an option when they choose to use a call option for buying an asset. The person gets to buy a...

Call Option

A call option (often shortened to call) is a contract that allows its owner to buy an asset or service from the seller at a certain price until a certain date. The buyer never has to purchase the assets, and the option will terminate at the...


Definition from Nolo’s Plain-English Law DictionaryTo cross out or destroy a document by tearing it up, writing on its face that it is cancelled or void, or otherwise defacing it.

Definition provided by Nolo’s Plain-English Law Dictionary.


Cancellation is the act of destroying a document by making lines through it, tearing it up, or defacing it with the intention of rendering it void. In contract law, cancellation happens when a party to a contract ends the contract due to the...