contracts

The term “bargain” appears in two specific legal contexts:

Basis of the bargain test is used by the courts to ask if any promise or affirmation, any description of the goods, or any sample or model of the goods displayed by a seller “became a basis of the bargain” between a buyer and a seller to create an exp

• contract law

A bilateral contract is a contract in which both parties in the agreement exchange promises to perform a specific action. Essentially, each party has an obligation to perform in a bilateral contract.

Boilerplate is a colloquial term used to describe stock language in a legal document that appears in all instruments of that type; general, standardized language in a legal instrument. A boilerplate clause is interpreted and construed against the interests of the party offering the clause, absent evidence that the parties negotiated the terms of the clause.

Boilerplate language is common in contracts.

Bottomry, also known as a bottomry bond, is a contract where a shipowner provides their ship as security for a loan to finance a voyage or for a certain period of time. The shipowner usually uses the loan for maritime (i.e. sea-related) risks (e.g. repairs, equipment, emergencies) during the voyage.

A breach is a violation of law or when a party fails to perform their part of a contractual agreement. For more information, see breach of contract. 

[Last reviewed in June of 2022 by the Wex Definitions Team]

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. 

Breach of trust in legal contexts refers to breaking the rules of a trust or a person taking advantage of property given to them for a period of time. Trusts have multiple explicit delineations of property and rules which a trustee must follow, and a breach of trust occurs where the trustee or someone else breaks these rules.

Breach of warranty is defined as the violation of an express or implied contract of warranty, and thus it is a breach of contract.

A broker is a person or entity that arranges contracts and acts as an intermediary between a buyer and seller for a