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,...
commercial transactions
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...
bona fide purchaser
A bona fide purchaser is someone who exchanges value for property without any reason to suspect irregularities in the transaction. By definition, a bona fide purchaser cannot have actual or constructive notice as to defects in the seller’s...
bond
A bond refers to an obligation to pay a specified amount of money.
In the field of business, a bond functions similar to a loan and is sold by entities seeking an inflow of cash now in exchange for the promise of future interest on...breach of contract
A breach of contract occurs whenever a party who entered a contract fails to perform their promised obligations. Due to the frequency of breaches of contract, a robust body of law has grown to resolve the ensuing disputes.
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breach of warranty
Breach of warranty is defined as the violation of an express or implied contract of warranty, and thus it is a breach of contract. Essentially, it occurs when the warrantor fails to provide the assurance warranted. A seller can expressly or...
broker
A broker is defined as a person or entity that arranges contracts and acts as an intermediary between a buyer and seller for a commission. A broker is an independent party to a transaction and should not be confused with an agent who acts on...
burden
A burden is a generic term referring to a restriction on a use or activity. Often, the term arises in property law. For instance, real property may carry an intangible burden in the form of covenants or easements. These burdens generally...
business expense
Business expenses are the operating costs of a business. Whether a given cost qualifies as a business expense is relevant because business expenses are tax deductible while other forms of expenses are not. To qualify as a business expense,...
business judgment rule
The business judgment rule provides a director of a corporation immunity from liability when a plaintiff sues on grounds that the director violated the duty of care to the corporation so long as the director’s actions fall within the...