A beneficiary is an individual who receives benefits from a transaction via a contract (such as an insurance policy), a will, or trust.
Wills and Trusts:A beneficiary is an individual named in a will, revocable trust, or...
commercial activities
BFP
BFP is the abbreviation for Bona Fide Purchaser.
[Last updated in March of 2022 by the Wex Definitions Team]
bilateral
Bilateral means two-sided and is frequently used to refer to agreements between two countries. For example, the United States and Australia have a Bilateral trade agreement limiting tariffs or other protectionist policies between the two...
bilateral investment treaty
Overview:
Bilateral investment treaties (or, BITs) are international agreements establishing the terms and conditions for private investment by nationals and companies of one country to another country.
The first...
bill
A bill is a formal or public writing or declaration of one’s claim against another:
A bill may be an equitable pleading of a claim in a court of equity. At early common law, a bill in equity was analogous to a declaration in law...bill of exchange
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...
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...