A bill of exchange, a short-term negotiable instrument, is a signed, unconditional, written order binding one party to pay a fixed sum of money to another party on demand or at a predetermined date. A bill of exchange is sometimes called...
commercial activities
bill of lading
A bill of lading is a legal instrument used in the transportation and shipping industries which lists the goods being shipped and the terms under which they will be delivered. If the goods as delivered do not match the terms of the bill of...
bill of sale
A bill of sale is a written instrument that attests to a buyer’s purchase of property from a seller. In this way, it is similar to a receipt. A bill of sale generally includes the transacting parties’ contact information, a description of the...
binder
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...
BIOCOB
In the law of secured transactions, BIOCOB refers to a “buyer in the ordinary course of business.” There are certain elements that a buyer must meet to qualify as a BIOCOB. The buyer must purchase particular goods in good faith, without...
biweekly mortgage
Biweekly mortgage is defined as an option of paying a mortgage, in which payments are made every 2 weeks as opposed to the traditional payment schedule in which 12 monthly payments are made every year.
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blank endorsement
Blank endorsement is a kind of signature on a financial instrument. It has no designated payee, so the person who possesses it can demand payment, for example, a check made payable to cash and endorsed on the back with the signature of the...
blanket security lien
A blanket security lien is a type of security interest over the assets of an entire entity rather than an individual asset. While blanket liens can technically be placed on the assets of an individual person, they are more commonly seen on...
blue law
Blue law is a colloquial term for state statute or ordinance that forbids or regulates entertainment and commercial activities (ex. sale of liquor) on Sundays or religious holidays. Blue laws can also be referred to as Sunday closing laws,...
blue sky law
Blue sky laws are state securities regulations. That is, in addition to federal securities regulations, mainly the Securities Act of 1933 and the Exchange Act of 1934, states may also require issuers of securities to register with their state...