In the context of a corporation a board of directors is a group of people, selected by the shareholders, who make the major decisions for the company. The exact responsibilities of the board are governed by the company’s articles of...
legal practice/ethics
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...
bondsman
A bondsman is a person who guarantees a bond. Bondsmen are most frequently seen in the context of bail bondsman for criminal defendants.
A bail bondsman is a person who provides bail bonds for people charged with crimes and...
Brandenburg test
The Brandenburg test was established in Brandenburg v. Ohio, 395 US 444 (1969), to determine when inflammatory speech intending to advocate illegal action can be restricted. In the case, a KKK leader gave a speech at a rally to his fellow...
breach
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 updated in June of 2022 by the Wex Definitions Team]
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.
...
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...
bribery
Bribery is defined generally as corrupt solicitation, acceptance, or transfer of value in exchange for official action.
Overview:Bribery refers to the offering, giving, soliciting, or receiving of any item of value as a...
brief
A brief is a written argument submitted to the court. Lawyers often prepare briefs which highlight and clarify certain information or provide legal comparisons in an attempt to persuade the courtroom to rule in favor of that lawyer’s client...
broker
A broker is 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 behalf of a...